Answer / subash

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.

Answer / vasu.a

profit is liability

Answer / muralikrishna katakam

no dought profit is a liability bcoz , whatever the rupee
earning earned by the organisation is out the investment
made by the share holders,so that should be directed
towards the shareholders,that is why the company paying
dividends ,for future expansion purposes it can retain
those funds under the head general reserve by passing the
following entry p&l a/c dr
to general reserve

Answer / vasu.a

profit is liability

Answer / gayathri

Profit is Reserves & Surplus.

Answer / pranav

profit is (increase) liablility of business towards its
owner resulting from increase in assets in realtion to its
liabilities (net assets) which belongs to owners

Answer / hari

profit is liability FOR SURE

Answer / rv

profit is and asset for some firms (sole trading firm and
partnership firm) and a liability for companies. because
sole and partnership fimers the profits is shared among
members and where as companies the profit is share among the
share holders

Answer / sandeepreddy

profit is liablity

Answer / amit

Its a liability for a business and assets for a promoter
becuase it increases his capital.

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