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P&l account & trial balance.

Asked By: sdamirmohd | Asked On: May 22nd, 2012
2 answers

What is the difference between p&l account and trial balance?

Answered by: pushpa c bonal on: Jun 7th, 2012

1) P/L is prepared to ascertain net profit or net loss
2) P/L balance is transferred to balance sheet
3) Records various income and exp

Trail Balance
1) It is statement containing various ledger account balance
2) Prepared to check arithmetical accuracy
3) It does not indicate profit and loss

Answered by: Kamla Amarnauth on: Jun 2nd, 2012

P& l account do not include asset accounts

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