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.

Debit balance of Trading account shows gross profit.

Options

  • True

  • False

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Solution

False

Explanation:
 Debit balance of Trading Account shows gross loss, i.e. when the debit side of the Trading account exceeds its credit side.

Concept: Preparation of Final Accounts
  Is there an error in this question or solution?
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 2 Partnership Final Accounts
Exercise | Q 13 | Page 65
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