What does mean is Profit & Loss Account Shows Debit Balance in
Trail Balance ?
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Answer Posted / monu aggarwal b.com accountant
If profit n loss a/c shows debit balance in Trial
Balance,its mean is that there is a loss in that perticular
Year.
| Is This Answer Correct ? | 13 Yes | 2 No |
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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
