Question

1 point
8. Profit and Loss Suspense
account is shown in the new
Balance Sheet on
side. *
Debit
O Credit
O
Asset
O Liabilities​

Answer 1

Answer:

Answer. Actually debit balance of Profit & Loss A/c is shown on the asset side of the balance sheet. Actually the debit balance of P & L A/c represents loss and until that loss is written of or in the next year it turns into a credit balance because of profits, it will be shown on the asset side of the balance sheet.