P&L

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 October 2010 i just wanted to know why do we transfer the profit on sale of any asset in profit and loss account...because this is a capital receipt and p&l is a revenue a/c.....i m confused i want clarity with regards to p&l account

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

09 October 2010 Since it is loss or gain in nature so we are trasnfer to profit & loss a/c

Querist : Anonymous

Querist : Anonymous (Querist)

09 October 2010 so don't we look at the nature of the loss or gain??because profit & loss account is generally related to the revenue related activities of the business...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now