loss shown on asset side
This query is : Resolved
22 June 2011
Respected sir,
Why loss is shown in asssets side.
Why loss is shown in asssets side.
22 June 2011
Since it is a debit balance of profit & loss a/c it is shown in assets side. It is a type of fictitious asset. These are assets not represented by tangible possession or property. Example of fictitious assets are preliminary expenses, discount on issue of shares, debit balance in the profit and loss account when shown on the assets side in the balance sheet.
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