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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 Posted / 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.
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