Interested to Buy Any Domain ? << Click Here >> for more details...
Why profit is a liability and loss is an assets
- 20 Answers
- 108957 Views
- Banesco Seguros, FactSet Systems, IIM, South Indian Bank, I also Faced
- E-Mail Answers
Answer Posted / ankur
THE ITEM'S SHOWN IN THE LIABILITY SIDE IS THE LIABILITY OF
THE BUSINESS BECAUSE THESE AMOUNTS SIGNIFISE THE AMT. TO BE
PAID AND THE ITEMS SHOWN IN THE DEBIT SIDE IS THE RIGHT OF
THE PERSON FROM WHICH THEY CAN RECOVER THEIR AMOUNT.
BECAUSE OF THE ABOVE EXPLANATION IT CAN BE UNDERSTOOD THAT
PROFIT IS THE AMOUNT WHICH THE BUSINESMAN HAS NOT TAKEN OUT
AND THEREFORE IT A LIABILITY TO A BUSINESS AS LIKE CAPITAL
AND
LOSSES IS THE RESULT OF MISUSING THE FUNDS OF BUSINESS MAN
AND SHOWS THE RESULT OF THE RISK TAKEN BY BUSINESS MAN AND
ALSO SIGNIFIES THE AMOUNT OF RIGHT ON THIS LOSS.
THEREFORE LOSS IS SHOWN IN THE ASSET SIDE.
HENCE ASSET SIDE THE RIGHT OF THE OWNER IN THE
PROPORTIONATE AMOUNT INVESTED.
| Is This Answer Correct ? | 11 Yes | 8 No |
Post New Answer View All Answers
Queries for Big4 Articleship : Whether son of CA in practice effects chances.
What is the relationship between, issued share capital, share premium and paid up capital?
Expand---------TDCB
How to reconsile vendor accountswhat to add and subtract is there any standard form please get me answer
sir i am working consruction company.we have 4 projects in varrious places.i enter attendance in payroll by project wise.if enter autofill salaries combained all projects.i want individual salaries base on attendance feeding method.because staff are changing in one project to another project offenly.please explain method
Dear Friends, Please help me with the below, I am new to the current company and newly accountant. My question is, In Balance sheet, Cash in Drawer is showing excess amount and I could not tally it with sales. Please guide me how do I need to tally CASH IN DRAWER? I don't want to reconcile. I only want to tally. Please help. Thanks in advance.
I have complited my ERP course in FICO module. Now I want to work in ERP package. Please suggest me how I will apply for the organisation works in ERP environment.
Pls Give me Solution for me. Bcz i m persuing b.a iii But now i m working in accounts . So what i do In future .
A specially designed interview book on interviews for accounting Jobs . Pl send your mail addresses for despatch
when assessing the credit proposal of a prospective borrower if he gets internal rating below the hurdle rate what will you suggest as a banker
What is combination?
we are run construction (residence & commercial)last year we are sale 4 flats (16 flats apartment) registration value example:10.75 * 4 = 43.00 but we are collected from customers 45.00 total so 45 - 43 = 2.00 this amount we are booking additional agreements work amount (income)because we are standing sub contractors expendeture side 2.00, we are service tax paid or not ?
Define Bill of Exchange
Do you need an income statement if you do part time contract work at home?
what is pre post expenses
