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What is the difference between P/L A/c and Balance sheet?
When an adjustment account is prepared?
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Answer / suhasini modagi
P and L a/c is prepared to know the exp and income of the
particular yr.
where as B/s is prepared to know the financial condition or
position of the company.
B/s is follow up of p/l a/c.
| Is This Answer Correct ? | 27 Yes | 2 No |
Answer / rajesh sharma
P&L is shown the earning status the block period, while the
Balance sheet shown the position prescribed day.
| Is This Answer Correct ? | 15 Yes | 3 No |
Answer / venkat
P& L A/c Prepard for know particular period that Org Net
Profit / Net Loss
Balance Sheet Prepared for Financial Position for the Year
| Is This Answer Correct ? | 10 Yes | 2 No |
Answer / prabhat kumar pani.
P/L A/C shows the net profit or loss of a trading
organisation for an accounting period with the help of
incomes & expenditures whereas Balance sheet shows the
position of an organisation at the end of an accounting
period on the basis of asset= liabilities + capital.
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / sushil kumar sharma
P/L account is the profit and loos A/c and balance sheet as
a anual economical statment it is not account
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / raja
P/L account shows net profit or loss to a concern but
balance sheet shows financial poistion of a concern when
rectification errors entry is passed adjustment account is
passed
| Is This Answer Correct ? | 3 Yes | 1 No |
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