What is trail balance? what is Profit & loss a/c ? what is
Balance sheet?
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Answer / munmun sharma
Trial Balance is the process to check the accuracy of the
accounts made so far in the Ledger. Profit and loss account
is made to asscertain the profit earned and the loss
incurred. This statement is also called 'Income Statement.
Balance sheet is made to know the financial position on the
last day of financial year of the business. This statement
is also called a Position statement. Profit & Loss A/C and
Balalnce sheet are known as Final Accounts.
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Trial Balance is a statement prepared to know the
arthematical accuracy of the books of accounts prepared.
Profit and Loss account is the financial statement prepared
to know the result of the business.
Balance sheet is prepared to know the Financial Status of
the business at a given period
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Trail balance:
it is a statement. it is prepared by besed on ledger closing information. it concist of in the debit side all expences, losses & assests. the main objective of preferation of trail balance to know the aurthamatit accurucy of the organization.
profit & loss a/c :
it is a financial statement. it consist of all indirect exp & incoms, poerating & non perating. main object of preparetion of p & l ac to know the net profit possition of the organation.
balance sheet:
it is one of the financial statement. it consist of assets & liabilities. main objective of preparetion balance sheet to know the financial posotion or condation of he organization.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / sarat kumar
trail balance is not a books of accounts it is a state ment
showing balances of various ladgera/c taken from
balancesheet.
profit &loss a/c show the net profit at end of financial
year
balance sheet helps the companey to know its financial
condition at end of every accounts year.
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