What type of account is "Profit & Loss A/c" Nominal, Personal or Real A/c ?
If Nominal Account, then why it recorded on the balance sheet ?
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What type of account is "profit & loss a/c"?
Replies (2)
Profit and Loss account is nominal account. since profit belongs to shareholders and if it remains undistributed then it becomes liability and therefore appear in liability side.
Thank You Sir
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