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Question
Where do salaries and wages appear in the profit and loss account?
Where do salaries and wages appear in the profit and loss account?
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Solution
Salaries and wages are expenses incurred by the business during an accounting period. Therefore, it has to be shown on the debit side of the profit and loss account.
Also read:
- MCQs on Trial Balance
- Difference Between Trial Balance and Balance Sheet
- How to Prepare Trial Balance
- Trading and Profit and Loss Account
Learn about more questions and answers on business studies and various other commerce topics from our website.
Salaries and wages are expenses incurred by the business during an accounting period. Therefore, it has to be shown on the debit side of the profit and loss account.
Also read:
- MCQs on Trial Balance
- Difference Between Trial Balance and Balance Sheet
- How to Prepare Trial Balance
- Trading and Profit and Loss Account
Learn about more questions and answers on business studies and various other commerce topics from our website.
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