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Profit and Loss Account: A Profit and Loss Account provides a summary of financial gains and losses in a business during a specific period. It includes revenues, expenses, and the resulting profit or loss.

Specific and General Reserves: Reserves are allocated portions of profit that are kept aside for specific or general purposes. They ensure the financial stability of a business and are used for various reasons, including meeting future obligations, funding growth, or providing a safety net during tough times.

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