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Why profit is a liability and loss is an assets
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Answer Posted / kumaraswamy
according to the basic principles of accountancy profit
and loss are nominal accounts. "the rule is debit all
losses and expenses and credit all income and gains"
all assets show debit balances and all liabilities have
credit balances. going by this loss is a dedit balance and
shown as asset and profit is a credit balance to be shown
as liability.
just apply the basics of accountancy and u get the answer.
no need for this much of debate on a simple issue!!!!
| Is This Answer Correct ? | 1 Yes | 4 No |
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