Accounting Process
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2010
Dear Sir/Madam
Thw net effect of all the Nominal Accounts in India?
(a) Profit & Loss A/c
(b) Trading A/c
(c) Capital A/c
(d) Balance Sheet
Please tell which is the answer and Explain?
Thw net effect of all the Nominal Accounts in India?
(a) Profit & Loss A/c
(b) Trading A/c
(c) Capital A/c
(d) Balance Sheet
Please tell which is the answer and Explain?
Shyam Lal Naik
(Expert)
18 December 2010
Answer is (a) and (b)
All nominal accounts are closed at the end of the accounting period and the balances are transfered to either of the Trading Account and Profit & Loss Account by way of closing entries.
If you want to specify only one answer, it is Profit & Loss Account, as P & L Account encompasses Trading Account also.
All nominal accounts are closed at the end of the accounting period and the balances are transfered to either of the Trading Account and Profit & Loss Account by way of closing entries.
If you want to specify only one answer, it is Profit & Loss Account, as P & L Account encompasses Trading Account also.
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