Question

Q8. The reporting format of Financial Statements for a Sole Proprietor is
A. As per Companies Act
B. A per Banking Regulation Act
C. As per Auditor
D. Not prescribed​

Answer 1

Answer:

as per companies act is the answer and after on wards do not ask questions

Answer 2

Financial Statements for a Sole Proprietor

Explanation:

• These are the statements prepared at the top of the accounting period to work out it's considered as a significant information for the users of monetary statements supported which they take important financial and investment decisions.
• A whole set of economic statements is thought as Final Accounts which has the following: i. An earnings report referred to as Trading and Profit and Loss Account: Such a press release has two parts where one is that the Trading Account that shows the profits or Gross Loss for the accounting period and therefore the other is that the Statement of Profit and Loss that shows the profit or loss.
• A foothold Statement called Balance Sheet: it's a press release that shows financial position of the entity on a selected date in sort of assets held and liabilities owed.
• Objectives: Objectives of economic statements are to be understood separately for every of the following:  to spot the net or loss: A Trading Account records all the incomes and expenses directly associated with the trading activities and helps identify the gross profit margin or loss on account of such operations.

Financial statements are of the format of the companies act.