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The Loss of Profit & Loss A/C Where It is Shown in Balance
Sheet Liability or Assets Why ?
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Answer Posted / k.senthil
loss of profit & Loss /c shown in the assets side, This
amount receivable or responsibility from share holders or
partners, proprietor for company this is asset, when make
the profit that time adjusted their accounts. if company
make profit, company payable to all above person so that is
liability of the company
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