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why the debit balane of p&l a/c shows in asset side of
balancesheet
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Answer Posted / gupta
Profit and loss account nature is Nominal Account.As per
Nominal account rule we have to debit all expenses and
losses and we have to credit all incomes and gains.Therefore
loss is a outcum of Profit and loss account i.e. its nature
is Nominal account.Therefore it will have debit Balance and
all debit balances will go Assets side of balancesheet.
| Is This Answer Correct ? | 14 Yes | 5 No |
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