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treatment of P&L A/c 's balance in trial balance and
balancesheet
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Answer Posted / ajay prathap
In Balance Sheet profit/Loss acquired from business is
transfered to reserves and surplus if previous years
reserves and surplus is not there and loss acquired during
current financial year shown as p&l (debit balance)in assets
side of balance sheet
Just like all other ledgers p&l a/c also shown in trial
balance if co earns profit the balance will shown in credit
side and viceversa
| Is This Answer Correct ? | 3 Yes | 2 No |
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