1.)why do we tell that if we have a profit then put it in the liability side and if a loss then at the asset side??
2.) why dowexall theassetaide debit side?
Menu
Query on balance sheet
Replies (2)
Gains= asset side
Losses= liability side
Asset= asset side or debit side
Liability= liability or credit side
Go through the three golden rules- Nominal, personal and Real accounts so that understanding will be easier.
Bcoz profit is included and transferred to general reserve account in balance sheet
Recent Threads
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
- A Restaurant registered under the Composition Sche
- GST RATE OF OUT DOOR CATERING
- Non resident taxation & income tax in India
- GST Rate for oral Hygiene Combo Pack
- GST registration - Address error
- TDS on property pu
- Import of goods IMS action related
- Incometax Survey - Updated Return Filing after the
Related Threads
CAclubindia
