Answer:
An income statement, as d word itself says, is d statement of our income aggregated by ur expenditures.
An income statement depicts ur income for a particular year, generally an year and it also shows ur profit or loss earned during d year.
whereas a balance sheet shows d position of ur business assets and liabilities as on a particular date.
both these financial statements depict ur financial positon.
the income stmnt would depict a view of ur current financial position and d balance sheet will present a fair view of your business till date.