Interested to Buy Any Domain ? << Click Here >> for more details...
Why profit is a liability and loss is an assets
- 20 Answers
- 109871 Views
- Banesco Seguros, FactSet Systems, IIM, South Indian Bank, I also Faced
- E-Mail Answers
Answer Posted / manisha
Profit is an liability because at the end of the year we
are adding it into capital of the company which shown in
teh liability side of balance sheet while at the time of
dissolution of comapny we need to paid back the capital to
the member of the comapny so profit is an liability and
loss is an assets because asstes is deducting from the
capital as capital is shown in the liability side if u are
deducting anything from the liability side it means u are
giving the effect of assets side as per the pricepal of
accounts.
so profit is an liabilty b'coz we need to paid back it to
the members
| Is This Answer Correct ? | 6 Yes | 16 No |
Post New Answer View All Answers
What do you think you do well?
commisiion recieved journal entry and receipt required
you buy a $100 asset. $25 cash, $50 debt, and $25 new equity. Explain how the 3 financial statements (IS, BS, CFS) will change.
what are the difference between banking institutions and financial institutions?
WHAT IS GENERAL LEDGER HOW MANY TYPES OF IT, AND WHEN GL WILL USE IN WHICH SITUATIONS DESCRIBE ME
Name the Accounting Concepts
my qustion is what is H foam and where use
How Can Pass Credit Limit Entry If We Take Limit Of BANK I Maintain Of Account In Tally.ERP9 Than We Create Bank Ledger of Which Under
what do Loan Loss Coverage Ratio mens describe it with examples?
what is the global prameters why are you selecting for the negative posting period allowed, defalult value date,proposed fisal year
How can a company reduce profit
Expand-------IETF
Exapnd--------RAN
please tell me questions asked in NICMAR for the post of accounts executive
Dear Sir, My qus is my co. purchase a laptop from Abc.co. for rs-37200 on credit Emi basis from hdfc bank. i paid every month 6200rs as a installment. so i want to know how i make a entry in tally 9. and also want to know i creat laptop ledger under fixed assets or office expenses. plz tel me soon.or mail me .
