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Answer Posted / sajan
A company is an artificial person created by law. The
company has to pay any profit in the given year either to
the partners(in the case of partnership firm) or to the
shareholders.Hence it is tranferred to liability side of
the balance.The investment in the company is made by some
person and any profit needs to be paid to that person so it
is payable amount hence a liability to the company. The
compny book needs to balance CR. and Dr. side.The profit
may be kept in reserve and surplus account for future
expenses.
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