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Is profit & loss account assets or liability?

Question Posted / reena

Answers were Sorted based on User's Feedback



Is profit & loss account assets or liability? ..

Answer / ravi t

Profit & Loss Account is neither asset nor liability. It is
a nominal account. The Profit or Loss is adjusted in the
Balance sheet while calculating Net worth.

Is This Answer Correct ?    17 Yes 0 No

Is profit & loss account assets or liability? ..

Answer / rahul

Profit & loss account is Liabilities.

Is This Answer Correct ?    7 Yes 8 No

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