GST Plus - Get Daily updates,support, whatsapp Group & reply to GST Notices etc.!! Call : 011-411-70713 !!


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

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 (Student)     03 August 2021

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

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Threads

Start a New Discussion

Popular Discussion

view more »

Subscribe to the latest topics :
Search Forum:

Trending Tags