The credit balance of the Profit & Loss account shows a net profit.

i. This statement is True. The loan is taken from a person or bank and they are persons either natural or person or artificial persons. ii. This statement is True. All properties/assets come under real...

No, the approach is not correct because the two items are separate. Call-in-Arrears is shown by way of deduction from the Called-up Share Capital whereas Calls-in-Advance is shown as Current...

This statement is True. While balancing the ledger account the side which is greater is the balance of that account so when the debit side of an account is greater the...

i. debit ii. debit iii. credit iv. credit v. Nominal vi. brought down vii. Drawings viii. ₹ 20,000

i. (a) Gross Loss ii. (a) Trading iii. (a) Net Profit iv. (b) less v. (b) Six

The balancing figure of the Trading Account is Gross Profit or Gross Loss.

When the credit side of the Profit and Loss account is greater than the debit side, it is called Net Profit.

Profit and Loss Account…………….Dr. To Capital A/c (Being Net Profit transferred to Capital A/c)

Correct option is: (B) Cash balance

Correct option is: (A) Debit balance