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Answer Posted / lxmi1972
Financial Statement means- Profit and Loss Account and
Balance Sheet.
Profit and Loss Account shows the current year Net Loss or
Profit of the Business for the desired year and the Balance
Sheet is the status of Assets and Liabilities of the
business entity and hence these should be prepared in
accordance with the Accounting Standards issued by ICAI.
Notes are important for the contingent Liabilities, Events
occuring after the Balance Sheet date.
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