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Why profit is a liability and loss is an assets
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Answer Posted / babulu180605
Profit is a liability as the profit needs to be distributed
among the members or partners of the company or firm. In
case of loss it is assumed that it is the amount to be
recoverd back in to the concern.Therefore profit is
liability and loss is an asset to the concern.
| Is This Answer Correct ? | 346 Yes | 40 No |
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