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Answer Posted / h.r. sreepada bhagi
The purpose of any business entity and its promoters is to
earn profit and ensure the growth of the organisation to
maximise profit & wealth over the years. To know the profit
earned or loss incurred & also the status of assets &
liabilities the books of accounts are closed at the year end
and Profit & Loss Account for the period & Balance Sheet at
the end of that year are prepared.
Balance Sheet shows the status of Assets, Liabilities &
Networth as at the end of any accounting period. From this
the promoters can decide whether the business is worth
continuing or not & can compare the growth year-on-year for
teh last few years.
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