What does mean is Profit & Loss Account Shows Debit Balance in
Trail Balance ?
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Answer / vimal
Debit Balance in trial balance is nothing but Loss for a company
| Is This Answer Correct ? | 32 Yes | 9 No |
Answer / h.r. sreepada bhagi
Debit balance in the Profit & Loss A/c appearing in the
Trial Balance is the Loss brought forward from the previous
accounting period. This amount should have appeared in the
Balance Sheet at the end of the immediate preceding
accounting year.
| Is This Answer Correct ? | 15 Yes | 2 No |
Answer / 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 |
Answer / debasis misra
The prafit &loss a/cinshow in is a dispaly of positao of
comany.
| Is This Answer Correct ? | 1 Yes | 4 No |
Answer / jack
Trial Balance is just a statement, and not an account.From
Trial blance debit balance is not showing to P&L A/C.
| Is This Answer Correct ? | 2 Yes | 6 No |
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A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
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