Commercial Applications
Give one difference between the Profit and Loss Account and the Balance Sheet.
Accounting
3 Likes
Answer
| Basis | Profit and Loss Account | Balance Sheet |
|---|---|---|
| Main Purpose | It is prepared to find out the net profit or net loss for the accounting year. | It is prepared to find out the financial position of the organisation at the end of the year. |
Answered By
2 Likes