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Profit and loss balance

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 September 2013 If there is debit balance in Profit and Loss account coming from previous year and credit balance in Profit and loss in current year than do we net off both in one account ? Why ?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 September 2013 Since he previous year loss will be recovered in current year profits, so need to net off the loss and profit

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