Profit and loss balance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 September 2013
If there is debit balance in Profit and Loss account coming from previous year and credit balance in Profit and loss in current year than do we net off both in one account ? Why ?
CMA Ramesh Krishnan
(Expert)
08 September 2013
Since he previous year loss will be recovered in current year profits, so need to net off the loss and profit
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