Question

for the purpose of calculating net profit or net loss at the end of the accounting year a statement is prepared called fill in the blanks​

Answer 1

Answer:

In order to arrive at the business position, the yearly profit & Loss and Balance Sheet is prepared by business houses and corporates. Profit and Loss arrived in a particular financial year, is added to capital account of proprietors/partners in case of proprietorship/partnershio firms. In case of corporates, the profit & Loss of financial year is kept in P& L acount in the BalanceSheet.

Explanation:

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