profit
This query is : Resolved
31 October 2009
In double entry method of book keeping- profit gives rise to both asset as well as liability. HOW??
(1) Profit will lead to increase in cash/debtors/inventories
(2) Since the business has earned profit & the profit belongs to owner/s. Now the business owes Capital + profit to owner. So it is liability also.
(1) Profit will lead to increase in cash/debtors/inventories
(2) Since the business has earned profit & the profit belongs to owner/s. Now the business owes Capital + profit to owner. So it is liability also.
31 October 2009
agree with expert
31 October 2009
Agree with expert
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