Question

Record debit items on expense side of P and L account or assets side in balance sheet. Record credit items on the income side of trading P and L account or liabilities side of balance sheet. Balance the profit and loss account and determine profit or loss from the trial balance


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Answer 1

Explanation:

The balance sheet and the profit and loss (P&L) statement are two of the three financial statements companies issue regularly. Such statements provide an ongoing record of a company's financial condition and are used by creditors, market analysts and investors to evaluate a company's financial soundness and growth potential. The third financial statement is called the cash-flow statement.