Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / 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 |
Post New Answer View All Answers
What is the function of NITI Aayog?
Name the department that handles cyber crime in India?
Why should I invest in Mutual fund which is not secured rather than investing in Any Nationalized bank which is giving me guaranteed interest rate of 9.5% per annum which is also more secured?
Give one point of difference between debit card and the credit card?
What is use case model?
What is 'i-net'?
What Are Payroll Cards?
What do the banks do for the society?
Tell about Foreign Exchange Reserve?
What do you know about RBI? Tell some of its functions?
What is 'interest tax'?
What Documents Do I Need To File In A Chapter 7 Case?
Examine the marits and Limitations of the obsrvation method in collecting data. Illustrate your answer with suitable example.
What are Preference Shares?
How is technology useful in banking sector?
