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Profit and loss
why profit and loss debit balance shown in asset side of balance sheet?
Replies (2)
Quick Summary
If PandL amount shown in debit side of balance sheet then that's fall in Loss...
Loss is always a debit balance because you have more expenses than revenue.
It is a deficit for that period, so we show as fictitious asset or we can show it as a negative balance in liability side
It is a deficit for that period, so we show as fictitious asset or we can show it as a negative balance in liability side
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