In the double-entry bookkeeping system, Income items are credits and Expense items are debits. Therefore, if you have a loss, your expenses are more than your income resulting in a debit balance. A loss, of course, reduces the book value of the company, reflected in the Equity section of the Balance Sheet. Equity normally has a credit balance. So, to reduce Equity, a debit entry reflecting the loss must be made.
Debit loss accountCredit cash / bank
A debit is money paid out or a loss, a credit in income or a gain.
It is gained.
Loss on sale of debenture is a loss and like all loss accounts it has debit balance as normal balance.
Marketable Securities
Debit balance of Profit & Loss Account represents "Loss"
[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
Debit loss accountCredit cash / bank
A debit is money paid out or a loss, a credit in income or a gain.
it is credit P&l Dr TO net loss
It is gained.
debit column of the Income Statement columns
Loss on sale of debenture is a loss and like all loss accounts it has debit balance as normal balance.
Debit cash / bankdebit loss on saleCredit fixed asset
profit
Its closed for business
Marketable Securities