why profit and loss account debit balance appeare in the asset side of balance sheet?
- 11 Answers
- 36780 Views
- Genpact, HCL, Rites, I also Faced
- E-Mail Answers
Answer Posted / varma
There is a concept known as normal balances. The normal balance is the correct way to INCREASE the account.
Remember: Assets(Debit Balance) = Liabilities + O.E. (Credit Balance)
To Increase/Normal Balances
Assets - Debit
Expenses - Debit
Revenue/Income - Credit
Liabilities - Credit
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
what is difference among credit, loan, advance
Define balancing in accounting?
Is the shadow balance present in bank account always credited or bank may reverse it as well?
Explain me the difference between accounting and auditing?
Define executive accounting?
WHAT IS THE DIFFERENCE BETWEEN ESTIMATED BALANCE SHEET & PROJECTED BALANCE SHHET
is goods in transit will be liable for entry tax ?
Are you comfortable with cold-calling?
Tell us what inspired you to move to the next opportunity?
what is the accounting treatment in tally of free goods received with goods purchased.
what do you mean by Firm
my assessment says that I must post a dishonoured cheque in the general journal not a specialised journal how would I write that I know bank would be credited but what account would be debited???
Tell me what is the abbreviation for the accounting terms debit and credit?
what TYPE OF INVOICE SHOULD RAISE TO C&F agent ?
purchase return liability or asset?should it be included in the balanced sheet?
