Debit balance of Profit & Loss Account represents "Loss"
Debit profit and loss accountCredit owners capital
It would be shown as Debit Balance of Profit & Loss Account on Asset side
how to prepare the forecast report of profit and loss account with balancesheet
discount revived has Cr balance in a profit and loss a/c
Loss is shown in asset side of business as other asset because it has debit balance and reverse of profit which has credit balance.
[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx
Can_a_dormant_account_be_closed_and_balance_transferred_to_Profit_loss_account
no
Trial balance is the statement which shows the different items in the debit side and creditside of its format and in the end (generally) amounts both the sides would be same. it is prepared to know the mathematical accuracy. its format contains: Particulars-debit-creidit. Profit and loss account is an account which is prepared to find out the netprofit(or netloss) and its usually prepared after the trading account. Format of P&L account is Particulars-debit-particulars-credit
Creditors do not typically appear on a profit and loss account. A profit and loss account only includes revenue, expenses, and net profit or loss. Creditors are typically listed on a company's balance sheet under current liabilities, which reflects the amount owed to them at a specific point in time.
hai
Additional capital is shown under capital account of balance sheet and not shown in profit and loss appropriation account.