Profit is a Liability or asset?
Answers were Sorted based on User's Feedback
Answer / samsher khan
profit is a liability of business and it is heart beat of
business
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ib
We are making the statement of companies not of owners.
Business have to pay profit against shareholders investment
thats why profit is treated as a liability. I think.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ujjal
Profit is asset..but we wil show it in liability side as it
is belongs to share holders so company has to give it to
shareholders...so we r showing under liability side.
profit with respect to company it is a liability as it has
to pay it to shareholders.
Profit with respect to shareholders it is a asset.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / raja
Profit is liability to company because that is share holders
fund
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / biju gopal
Profit is an asset to the Owners but the liability to the company because of the business entity concept ie Business is treated as separate from its owners.So all the amount keep in the business such as capital, reserves, profit etc treated as liability as it is bound to pay to the owners ie shareholders.
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Answer / talha.zafar
profit is neither an asset nor liability its an increase in
owners equity due to the profitable operation of business
Is This Answer Correct ? | 2 Yes | 7 No |
Answer / abhilasha
Profit is an Asset that u get ater the deduction of cost.
Is This Answer Correct ? | 11 Yes | 33 No |
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