Excess of credit over to debit in Profit & Loss Account indicates _______
(a) Net Profit
(b) Gross Profit
(c) Gross Loss
(d) Net Loss
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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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i. Gross Profit is transferred to _________account. ii. Debit Balance of Trading Account indicates __________
i. Profit and Loss A/c ii. Gross Loss iii. Asset iv. Profit and Loss A/c v. Net Working
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When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.
When the credit side of the Profit and Loss account is greater than the debit side, it is called Net Profit.
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Receipts and Payments Account usually indicates - (A) Surplus/deficit (B) Cash balance (C) Capital fund (D) Net profit/loss
Correct option is: (B) Cash balance
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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 debit total of an account over it’s credit total indicates _____________ balance.
Correct option is (c) Debit
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(i) Excess of a total of debit side over a total of credit side of Cash Book, Bank column.
(i) Bank Balance as per Cash Book (ii) Overdraft (iii) Pass Book (iv) Pass Book (v) Overdraft
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The cost price of two articles is the same. One is sold at 10% profit and the other is sold at 10% loss. What is the effective profit/loss percentage
Correct Answer - No profit/loss is made
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