Treatment of debit balance of p/l ac
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 January 2014
why debit balance of profit and loss account is shown on the asset side of balancesheet?
AVTAR SINGH
(Expert)
18 January 2014
The loss is not shown in the asset side but it is deducted from the Capital/Reserves of the company.
Earlier it used to be shown in asset side which was not correct and the revised Schedule VI has taken care of this.
Earlier it used to be shown in asset side which was not correct and the revised Schedule VI has taken care of this.
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