MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Basics of Profit or Loss Account

All flow vari...

Question

All flow variables are recorded in profit and loss account.

A

False

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

True

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

Suggest Corrections

thumbs-up

0

Similar questions

Q. X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2 . With effect from 1st April, 2018, they decided to share future profits equally. On the date of change in the profit-sharing ratio, the Profit and Loss Account showed a credit balance of ₹ 1,50,000. Record the necessary journal entry for the distribution of the balance int he Profit and Loss Account immediately before the change in the profit-sharing ratio.

All flow variables are recorded in ______.

Which of the Following Items Will Be Recorded in a Profit and Loss Account?

Q. All expenses incurred in case of Trading and Profit & loss account are ___________ in nature.

Q. The amount is paid to executor of deceased partner for his share of profit. This payment is recorded in profit and loss account.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Profit or Loss Account

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Basics of Profit or Loss Account

Standard XI Accountancy

Join BYJU'S Learning Program

CrossIcon