Question

Which are the final accounts? What is the result of Profit and loss account?

Answer 1

final acoounts include profit and loss account and balance sheet

the result of profit and loss can either be net profit or net loss

Answer 2

Final accounts are the accounts that bring an excellent idea about the financial position and profitability of a business to its owners, management and also interested parties.  Every business transaction is initially recorded in the journals. Then, they are transferred successfully  to the ledger as well as balanced.  The final tallies are actually prepared for a particular period.