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 ?
Menu
What type of account is "profit & loss a/c"?
Replies (2)
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.
Thank You Sir
Recent Topic
- Gift recd from brother
- How to show Loan write off in DPT 3?
- Form 10E and Salary arrear
- LTCG U/S 54F. Sale of property plus sale of share
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
Related Topics
CAclubindia
