Business Overview
- Profit and Loss : It is a financial statement used for recording the income and expenses incurred during specific period of time. We can record all the income, expenses and cost.
- Balance Sheet : It's a financial statement which helps in summarizing the whole business for a specific period of time. It includes all the assets, liabilities and capitals.
- Cashflow statement : It's a financial statement which provides all the cash inflows and outflows of a particular company for a specific period of time. It includes all the cashflow from operating activities, investment activities and financing activities. It includes all the records through cash.
- Profit and Loss ( T Format) : It records all the income and expense but the format is in T-shape has two sides i.e. debit and credit. First trading account is prepared and followed by P&L a/c. It helps to record income and expenses.
- Balance Sheet (T Format) : It's a financial statement used for recording all the assets, liabilities and capitals in T-format for a specific period of time.
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