Profit and loss
manish kumar (66 Points)
16 January 2020
why profit and loss debit balance shown in asset side of balance sheet?
2 Replies
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 16 January 2020
If PandL amount shown in debit side of balance sheet then that's fall in Loss...
Sunil Ahmad
(Student)
(1511 Points)
Replied 16 January 2020
Loss is always a debit balance because you have more expenses than revenue.
It is a deficit for that period, so we show as fictitious asset or we can show it as a negative balance in liability side
It is a deficit for that period, so we show as fictitious asset or we can show it as a negative balance in liability side
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