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Financial Statements of Sole Proprietorship — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements of Sole Proprietorship1 Mark
Question
A Profit and Loss Account is a point statement whereas a Balance Sheet is a periodic statement Comment.
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Answer

A Profit and Loss Account is a Periodic Statement and a Balance Sheet is a Point Statement.

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