treatment of P&L A/c 's balance in trial balance and
balancesheet
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Answer / satyaki_raju@yahoo.com
Mr Ajay Pratap I think the question put by sri Srijith to
create a confusion among the answer postors. We will
prepare the Trial balance after balancing the ledgers. It
is the process prior to the preparation of Final accounts
like Profit and Loss account and balance Sheet.The nett
result will be known to us only after preparing Profit and
Loss account statement.The profit or Loss will be
apportioned among the partners or put aside under reserves
and surplus and will be placed under sub group of capital
account.But you created a honourable post and suggested a
place in Trial balance also. Think well before you answer
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / ajay prathap
In Balance Sheet profit/Loss acquired from business is
transfered to reserves and surplus if previous years
reserves and surplus is not there and loss acquired during
current financial year shown as p&l (debit balance)in assets
side of balance sheet
Just like all other ledgers p&l a/c also shown in trial
balance if co earns profit the balance will shown in credit
side and viceversa
| Is This Answer Correct ? | 3 Yes | 2 No |
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