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Statement of Financial Position & Profit & Loss Account are two different statements.
The statement of financial position tell the assets and liabilities of a business at the point in time or in other words the financial position of the business at the point in time.
However the profit & loss account tells the profit or loss for the period for an entity.
So these are two different things one of them the financial position at the point in time while other one tells the profit or loss for the period.
