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Why profit is a liability and loss is an assets
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Answer Posted / sheny.k.v.
as per business entity concept the business has a separate
entity apart from its partner.from business's point of
view,profit is a liability, bcoz it is liable to its
patner's tiil the profit is divide & distribute to all of
them.the items which decrease the liability are the assets
as far as i am concerned,the loss itself reduce or dispel
the profit from the liability side.in that sense also loss
is a asset.
| Is This Answer Correct ? | 12 Yes | 3 No |
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