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P2 C5 Financial Statements of Business Organisations — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C5 Financial Statements of Business Organisations3 Marks
Question
State objective of financial statements.
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Answer

$(1)$ To know the gross profit or gross loss of business
$(2)$ To know the net profit or net loss of an enterprise (business)
$(3)$ To know the financial position of the business.

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