Question

for closing indirect expense and income accounts they should be transferd to​

Answer 1

Answer:

All expense and Revenue accounts appearing in the trial balance are transferred to the trading and profit and loss account. All the direct expenses and revenues will be transferred to the trading account whereas all the indirect expenses and revenues will be transferred to profit and loss account.

Explanation:

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Answer 2

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For closing indirect expense and income accounts they should be transferred to _____

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${\bold{\orange{Profit \ and \ Loss \ account}}}$

All expense and Revenue accounts appearing in the trial balance are transferred to the trading and profit and loss account. All the direct expenses and revenues will be transferred to the trading account whereas all the indirect expenses and revenues will be transferred to Profit and loss acount.

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