Maharashtra State BoardHSC Commerce 12th Board Exam
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State Whether the Following Statement is True Or False. - Book Keeping and Accountancy

MCQ

State whether the following statement is True or False.

Profit and loss account is a nominal account.

Options

  • True

  • False

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Solution

True

Explanation:
Profit and Loss Account is a nominal account. Therefore, all the expenses and losses are shown on its debit side and all the income and gains are shown on the credit side of this account.

Concept: Preparation of Final Accounts
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