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Question

The profit & loss disclosed by the accounts of a company is ________________.

A
Transferred to share capital account
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B
Shown in the column of 'Current Liabilities and Provisions'
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C
Shown in the column of ' Reserves & surplus' under a separate account
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D
Transferred to general reserve
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E
Transferred to Dividends payable account
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Solution

The correct option is C Shown in the column of ' Reserves & surplus' under a separate account
Profit and loss disclosed by the company should be shown under the head reserves and surplus as Surplus i.e., balance from statement of profit and loss account.

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