What type of account is "Profit & Loss A/c" Nominal, Personal or Real A/c ?
If Nominal Account, then why it recorded on the balance sheet ?
2 Replies
Prakash Gehani
(Consultant & Teacher(Whatsapp 8718057907))
(1306 Points)
Replied 29 April 2019
Profit and Loss account is nominal account. since profit belongs to shareholders and if it remains undistributed then it becomes liability and therefore appear in liability side.
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