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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Loss of interest in PF transfer from EPFO to Trust
- Banking Related Issue
- IT returns for fresh job holders
- Grand in aid
- ASMT-10 received from A O
- Taxability of credit in canara bank ET & T section (NRO)
- Traces submitting correction statement error
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
