Answer / harshita

balance sheet is a stock concept AND profit and loss account is a flow concept.

Answer / anjana

1.P&L a/c is prepared to know the NET RESULT of business at the end of accounting year. It is a nominal account.
2.Balance sheet is a statement of assets & liabilities of a business with a view to ascertain the financial position of a business as on a particular date.

Answer / binay shrestha

Heads which are transfer to Balance sheet do not lose their identity and become the opening balances for coming year, whereas, those accounts head which are transfer to the profit loss account are cease to exist.

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