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What is debit balance of profit and loss account?
Debit balance of Profit & Loss Account represents "Loss"
About projected balance sheet and profit and loss account?
how to prepare the forecast report of profit and loss account with balancesheet
Is profit and loss account given in trial balance a liability?
no
Is Prepaid insurance expense an asset?
Yes. All prepaid items go in current assets until they are used and transferred to the profit and loss.
How the make profit and loss account and balance sheet in tally?
hai
What is the journal entry for profit transfer from profit and loss account to balance sheet?
Debit profit and loss accountCredit owners capital
Is additional capital will enter in the profit and loss appropriation account?
Additional capital is shown under capital account of balance sheet and not shown in profit and loss appropriation account.
What are the financial statements of business organization?
The profit and loss account, the cash flow account and the balance sheet
What are the final statements of the business?
final statements are trading account,profit and loss account,balance sheet.
Are profit and loss account on an income statement or balance sheet?
Profit & Loss Account is the Statement showing indirect expenses and receivable of a Company where as Balance Sheet is the Statement highlighting Assets and Liabilities of the said Company.
Where do creditors go on a profit and loss account?
I'm a student myself but i don't think that you have to use creditors in a trading, profit and loss account....i think it's given for the balance sheet that you have to make after the trading, profit and loss account.
What is the purpose of profit and loss suspense account?
The suspense account is a balance used to force the trial balance to agree. Once the errors have been located the respective amounts are debited or credited out of the suspense account until the balance is zero.
