Maharashtra State BoardHSC Commerce 11th
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State True or False with reasons : Credit balance of Profit and Loss A/c shows net profit - Book Keeping and Accountancy

MCQ
True or False

State True or False with reasons :
Credit balance of Profit and Loss A/c shows net profit

Options

  • True

  • False

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Solution

This statement is True.
When total of credit side (indirect incomes) of Pro (indirect expenses), then difference of amount is known as net profit.

Concept: Profit and Loss Account
  Is there an error in this question or solution?
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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 9 Final Accounts of a Proprietary Concern
Exercise Q.4 | Q 5 | Page 317
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