Question

1. XYZ club has a bar that maintains a separate trading account for its trading activities.
Which of the following is the treatment of profit or loss on bar trading activities?
a. Profit and loss is credit in income statement
b. Profit and loss to be presented in Receipt and payment account
c. Profit and loss is added to capital fund.
d. Profit and loss to be transferred as income and expenditure A/c.​

Answer 1

Answer:

there is a confusion between a and b