Question

The project work is –
i) To make accounting record of all the transaction from the
very start of the business.
ii) To prepare Profit & Loss account of the business to ascertain
the net profit for the period.
iii) To prepare the Balance sheet of the business to ascertain the
financial position

Answer 1

Answer:

Balance sheet (B/S)is one of the four primary financial statements that public companies must publish every quarter and year. The B/S summarizes the firm's financial position at one point in time. Some firms and most government organizations publish their Balance sheets under the other proper name for the B/S, Statement of Financial Position.

The other three mandatory statements are the Income statement, the Statement of retained earnings, and the Statement of

changes in financial position.

Explanation:

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