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Aryan Roy   03 August 2021

Query on balance sheet

1.)why do we tell that if we have a profit then put it in the liability side and if a loss then at the asset side??
2.) why dowexall theassetaide debit side?


 2 Replies

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     03 August 2021

Gains= asset side

Losses= liability side

Asset= asset side or debit side

Liability= liability or credit side

Go through the three golden rules- Nominal, personal and Real accounts so that understanding will be easier.

1 Like
Sourav

Sourav (Student)     03 August 2021

Bcoz profit is included and transferred to general reserve account in balance sheet
1 Like

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