1) To know the total Assets invested in business.2) Shows Profit and loss.3)It shows opening and closing stock.
0
Jasmeet Kaur answered this
The better answer would be 1. To know financial position of the business 2. To ascertain net profit earned or loss suffered during the accounting period
0
Manish Kumar answered this
Third reason is: for regulatory purpose, e.g. income tax or company law.
