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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 / ashrita
Debit balance in the p&la/c shows net loss i.e income is
less than expenses,if it is a credit balance then it is
profit.hence we usually subtract it from capitala/c
| Is This Answer Correct ? | 10 Yes | 6 No |
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Why in a cash book receipts are debited while the same if received in our books recepits are credited. Why does cash book have a rule to debit receipts and credit payments. For example if am paying the cash that i owe the company or firm i debit in my books(cash) on the debit side and should credit in the cash book but i cant do that cash book take receipts on the debit side as per the general . please clarify many thanx in advance
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