what is debit balance of p&l a/c show in asset side of b/s?
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Answer Posted / laymanblog
Debit Balance of P&l a/c means the loss incurred by the
company in an financial year (Expenses are more than Incomes)
this is usually debited(-) to Reserves and Surplus in
Liability side. But it is in practice to show it in Asset
side, where in future this figure is written off on incomes
pouring in. This is done to show a better Financial statement.
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