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why profit and loss account debit balance appeare in the asset side of balance sheet?
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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
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