The balance sheet provides an overview of assets, liabilities, and stockholders' equity as a snapshot in time. The income statement primarily focuses on a company's revenues and expenses during a particular period.
Profit and Loss Account is a period statement which is prepared to show the profit or loss incurred by the Organization in the year for which it is prepared.
Market Control was one of the most important features of the Alauddin Khilji economic reforms. Under this policy, he fixed the prices for a wide range of goods, including grains, pulses, cloth, cattle, horses etc.
The normal balance of liability account is Credit balance.
Normal balance is the side where the balance of the account is normally found. Asset accounts normally have debit balances, while liabilities and capital normally have credit balances.