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15 December 2013 In case of loss,why profit and loss account is shown as asset in balance sheet?
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
15 December 2013 It it a matter of presentation. You cannot show negative balance in balance sheet. Loss shows decrease in your wealth. If you have positive then it increase your capital, in that case you add to your capital.

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