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what is the diffrent between income statement and
balancesheet
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Answer Posted / krishna
Income Statement states the Profit/Loss of the company for
a particular period. Balance Sheet shows the financial
position of the company as on a particular date. The
balances of the Income Statement lines will not be carried
forward to next year. But the Assets and Liabilities
balances in the accounts will be carried forward to the
next year.
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