Question

debite balance of costing profit and loss account represents
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Answer 1

Answer:

A profit and loss account records all the incomes and expenses that have taken place in the year. All the expenses are recorded on the debit side whereas all the incomes are recorded on the credit side. ... Hence, Credit balance of Profit and loss account is profit.

Explanation:

Answer 2

The debit balance of a profit and loss account denoted loss. Debit balance of the profit and loss account shows that the expenses were more than the incomes