Personal financial Statements

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To measure financial health of any business, there are a few financial reports /statements which are indispensable.

These are as follows:-

1.       Balance Sheet:
 It summarizes the financial position at a particular time period. It presents a snapshot of the financial position at a particular time in a tabular form. It has two main components viz., Assets and Liabilities.

2.       Income Statement:
It reports the income and spendings during a time period.

3.       Cash Flow Statement:
It shows cash inflow and outflow from the company during a specific period.


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