Answer Posted / subash
Profit is asset..but we wil show it in liability side as it
is belongs to share holders so company has to give it to
shareholders...so we r showing under liability side.
profit with respect to company it is a liability as it has
to pay it to shareholders.
Profit with respect to shareholders it is a asset.
| Is This Answer Correct ? | 96 Yes | 5 No |
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