Question

$\sf \pmb{Question :}$

$\sf \: Profit \: and \: Loss \: Account \: shows \: the \: financial \\ \sf \: position \: of \: the \: entity. \: \\ \sf Statement \: is \: True \: or \: False.​$
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Answer 1

$false$

$Profit and loss account does not shows the financial position of a firm. A balance sheet shows the financial position of the firm. Financial position means the level of assets and liabilities held by the organisation</p><p></p><p>$

hope it helps

Answer 2

$\huge\underline\bold\pink{Answer♡´･ᴗ･`♡}$

False

Profit and loss account does not shows the financial position of a firm. A balance sheet shows the financial position of the firm. Financial position means the level of assets and liabilities held by the organisation < /p > < p > < /p > < p > \

Because the balance sheet is a statement that shows a company's financial position at a specific point in time. It provides a snapshot of its assets, liabilities, and owners' equity.