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THE DEBIT BALANCE OF THE P&L A/C IS SHOWN IN WHICH COLUMN
OF BALANCE SHEET
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Answer Posted / manish.p
The debit balance in P&L A/c represents Loss which is shown
om the asset side of Balance Sheet as a separate line item
as per the requirements of Schedule VI of Companies
Act,1956.This is because it is a fictitious asset.However
if the company has adequate surplus then it should be set-
off against it and only the net balance of Reserves shown
on Liabilities side.
| Is This Answer Correct ? | 72 Yes | 14 No |
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