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8. why the debit balane of p&l a/c shows in asset side of
balancesheet
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Answer / madhulika2011
Debit balance of Profit and Loss a/c shows in assets side of balance sheet. It is a type of Fictitious asset. These assets are not represented by tangible possession or property.
| Is This Answer Correct ? | 11 Yes | 1 No |
Answer / nilesh thakkar
As per Revised Schedule VI, it is no more shown on the Asset
Side of Balance Sheet but on the Liability Side, it is shown
under the head Reserves & Surplus. If the final figure is
negative still it is shown that way.
| Is This Answer Correct ? | 6 Yes | 1 No |
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Audit 
