difference Between P&L A/c and Balance Sheet?

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Question Posted / nandu

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difference Between P&L A/c and Balance Sheet?..

Answer / m.s.s.v.sri kumar

Profit and loss A/c is a Nominal account. it discloses net
operational results (Profit and loss) for a particular
period will be displayed.
Balance sheet is not an account, but it will be prepared
with the help of real and personal accounts balances on a
specified date.

Is This Answer Correct ?

103 Yes

15 No

difference Between P&L A/c and Balance Sheet?..

Answer / rajender

the main difference between p&l and balance sheet is p&l is
an account but balance sheet is not an account it is a
statement which is prepared on a particular date.

Is This Answer Correct ?

69 Yes

15 No

difference Between P&L A/c and Balance Sheet?..

Answer / bichitra

Profit & loss account is pepare for find out the net
profit/Loss for the period whereas Balance sheet is pepared
for find out the financial position of business on a
spesific date
Profit & loss account is pepared by taking closeing
balances from nominal account whereas balance sheet is
prepare only takeing balances of other than nominal account
like personal & real.

Is This Answer Correct ?

49 Yes

7 No

difference Between P&L A/c and Balance Sheet?..

Answer / ronjyoti choudhury

P&L gives you the list of Income and Expenses during a
particular period,
Whereas Balance sheet shows you the Financial position of an
organization in a specific point of time (date).

Is This Answer Correct ?

36 Yes

5 No

difference Between P&L A/c and Balance Sheet?..

Answer / mohd abdul qader

P&L account is an account which is prepared for whole year
or for a given period where as Balancesheet is Prepared for
a given date.

P&l Account take account of Revenue items where as Balance
sheet is for capital item, only revenue account in balance
sheet is the balance from P&l account.

Is This Answer Correct ?

37 Yes

9 No

difference Between P&L A/c and Balance Sheet?..

Answer / ajina

The difference between Profit and loss account and Balance sheet are;

1. Balance sheet is a statement of assets and liabilities, whereas profit and loss is an account.
2. Balance sheet discloses the financial position of the business on a particular date, whereas, profit and loss account discloses profits earned or losses suffered during an accounting period.
3. Profit and loss account is prepared for the accounting period ending, whereas, Balance sheet is prepared as at the last day of accounting period.
4. Accounts which are transferred to Balance sheet do not lose their identity and become the opening balances for next period, whereas, those accounts which are transferred to the profit loss account are closed and cease to exist.

Is This Answer Correct ?

16 Yes

2 No

difference Between P&L A/c and Balance Sheet?..

Answer / krishna iyer

Profit and loss a/c includes expenses and incomes inccured
during the year in organisation while balance sheeet
includes the liabities and assets of the
business/organisation.

Is This Answer Correct ?

14 Yes

3 No

difference Between P&L A/c and Balance Sheet?..

Answer / deepak n. kolekar

The P & L A/c is presenting performance of the management
which is episodes in the financial years on the regularly
basis or incidentally basis. The Balance Sheet is the
statement representing financial position of the
organization for stakeholders, stockholders, investors,
employees and last but not in the list the civic.

Is This Answer Correct ?

16 Yes

8 No

difference Between P&L A/c and Balance Sheet?..

Answer / sanjeevagandhi

The difference Between P&L Vs B/S

1.P&L is financial Performance,B/S is the financial position.
2.P&L is prepared revenue and expenses resulted in
profit/Loss.Balance is prepared assets and liablities.
3.P&L Prepared for the accounting period monthly or three
months but balance sheet prepared particular period i.e
yearly once.end of the year.

Is This Answer Correct ?

4 Yes

0 No

difference Between P&L A/c and Balance Sheet?..

Answer / o.jithendra reddy

Profit and loss a/c deals with all incomes,expences,loss,gains.it treated to Nominal a/c.All incomes minus All expences is called net profit or loss.to know the net profit or loss.Valence sheet is a statement.it will shows all assets and liabilities. To know the financial position of the business in a accounting period.

Is This Answer Correct ?

2 Yes

0 No