Question

Distinguish between balance sheet and profit and loss account

Answer 1

in balance sheet we only balnce our assets and liability but in profit and loss account we calculate our proft and loss .profit on dr side and loss on cr side
hope it helps u
mark it as brainlist pls

Answer 2

Balance Sheet depicts/shows the Financial Position of the business entity. While, Profit and Loss A/C shows the Financial Performance of the business entity.