Answer:
Income statement describes the current year performance while balance sheet describes the overall position of company right from the starting year of business to current year.
income statement provide the current year net profit information while balance sheet provide information about the overall assets and liabilities of company applied in the business.
The Income Statement, also know as a Profit and Loss Statement, details the entity's income and expenses for a specific period of time. The last entry on the statement, or "bottom line," is the entity's net profit or loss for that period.
The Balance Sheet is a "snapshot" of the entity's financial condition at a specific point in time. The first section is Assets, or things the entity owns, which includes cash and investment accounts, fixed assets, and receivables, among others.
The next section of the Balance Sheet is Liabilities and Equity. Liabilities, or things the entity owes, may include such accounts as vendor payables, payroll taxes due, notes and mortgages. Equity is the book value of the entity, and equals Assets - Liabilities. What accounts are included depends on the business form of the entity. A sole proprietor has Owner Equity; partners have Partner Capital; corporations have Capital Stock and Retained Earnings.
The link below offers additional explanations.