Maharashtra State BoardHSC Arts 12th Board Exam
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Write the Word/Term Or Phrase Which Can Substitute the Following Statement. - Book Keeping and Accountancy

One Word Answer

Write the word/term or phrase which can substitute the following statement.
Profit and Loss Account appearing on the asset side of a balance sheet.

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Solution

Profit & Loss Account (Debit balance) or undistributed losses

Explanation: Profit and Loss Account appearing on the Assets side of a Balance Sheet represents debit balance in the Profit & Loss Account (i.e. undistributed losses). Such losses are to be borne by the old partners in their old profit sharing ratio.

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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise | Q 8 | Page 107
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