Correct and Rewrite the following statement:
When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.
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i. A loan account is a personal account. ii. A goodwill account is a real account. iii. A discount account is a nominal account.
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...
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i. A motor car account is a Real Account. ii. The rule of a Nominal Account is to Debit the receiver and Credit the giver.
i. This statement is True. All properties and assets fall under real accounts. Motor car is property so it is a real account. ii. This statement is False. The rule of the Nominal account is...
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When the debit side of an account is greater than the credit side, the account shows a debit balance.
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...
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i. Debit balance of Trading Account means ________ (a) Gross Loss (b) Net Loss (c) Net Profit (d) Gross Profit
i. (a) Gross Loss ii. (a) Trading iii. (a) Net Profit iv. (b) less v. (b) Six
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The credit balance of the Profit & Loss account shows a net profit.
This statement is True. The credit side of profit and loss A/c represents incomes when the credit side is greater than the debit side (expenses) it shows the Net Profit of...
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The balancing figure of the Trading Account is Net Profit or Net Loss.
The balancing figure of the Trading Account is Gross Profit or Gross Loss.
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Are the following entered on the credit side or the debit side in BOP account ? Give reason Exports (ii) Lending to the rest of the world
(i) Exports will be at credit side since it leads to an inflow of foreign exchange. (ii) Lending is at debit side since it leads to outflow of foreign exchange.
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General Reserve Account always shows - (A) Debit balance (B) Credit balance (C) Debit & credit balance (D) None of these
Correct option is: (A) Debit balance
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Excess of credit side over the debit side in Revaluation Account is- (A) Profit (B) Loss (C) Receipt (D) Expense
Correct option is: (A) Profit
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Excess of credit over to debit in Profit & Loss Account indicates _______
Correct option is (a) Net Profit
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