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Would like to know does system balance sheet shows P & L balances for current period if it does not show which other account head does it affect in Balance Sheet ?
the change in owners equity
yes
yes as an item of owner`s equity
balance sheet does not show profit but it reflects the cumulative figure of both profit & loss made by the company since from its incorpoartion, as reserve and surplus
In balance sheet it is shown as part of retained earnings / accumulated profits.
