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why the net profit arises on the debit side of profit and loss
account wen the nominal acount rule states debit all expenses
and losses and credit all incomes and gains
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Answer Posted / deepak
As per Accouting concept, The Company is a separate legal
entity from its owners. hence the profit arises is a
liability of the company to be distributed to the owners .
As accounting rule says that all liabilities should be
debited, the Profit is shown on Debit side. PLEASE CORRECT
ME IF I AM WRONG.
| Is This Answer Correct ? | 4 Yes | 2 No |
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