Capital or revenue receipt
This query is : Resolved
12 June 2017
P/L on fixed assets is treated as capital Profit or loss then why it is credited in P/L a/c.
12 June 2017
because in accounts all the profits are to be transferred to P&L regardless of the nature of profit. the p&l is supposed to reflect all the incomes earned during the year irrespective of the nature and source.
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