Accountancy, asked by eedvranares56, 2 months ago

difference between profit &loss account and balance sheet

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Answered by Anonymous

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The Balance Sheet reveals the entity's financial position, whereas the Profit and Loss account discloses the entity's financial performance. ... The Balance sheet is prepared on the basis of the balances transferred from the Profit and Loss account.

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difference between profit &loss account and balance sheet ​

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difference between profit &loss account and balance sheet