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Treatment of debit balance of p/l ac

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Querist : Anonymous (Querist)
18 January 2014 why debit balance of profit and loss account is shown on the asset side of balancesheet?
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AVTAR SINGH

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AVTAR SINGH (Expert)
18 January 2014 The loss is not shown in the asset side but it is deducted from the Capital/Reserves of the company.
Earlier it used to be shown in asset side which was not correct and the revised Schedule VI has taken care of this.

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