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why profit and loss account debit balance appeare in the asset side of balance sheet?
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Answer / ranjith baswaraj
P&L A/C DEBIT BALANCE MEANS PROFIT AND CREDIT BALANCE MEANS
LOSS WE SHOULD ALWAYS SHOW THE PROFIT TO ASSETS SIDE AND
LOSS TO THE LIABILITIES SIDE
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how to we pass a purchase entry in item invoice mode where some advance has been paid to the party. the purchase entry should get offset with the advance payment entry so that it does not appear in the bill outstanding or bills due list. please guide.thank you
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