Question

General expense and car expense are come in which of these accounts
a) trading account. b). Profit and loss
c). Balance sheet

Answer 1

Answer:

profit and loss account because its my expenses and all expenses r debited profit and loss account

Answer 2

Both general and car expenses come under the profit and loss account.

• Car expenses would often fall under transportation or vehicle expenses in the profit and loss account.
• Similarly, general expenses are typically included in the profit and loss account, also known as an income statement.
• Both the profit and loss account and the balance sheet are significant financial reports that give an overview of a company's financial situation and performance.
• However, the profit and loss account concentrates on the company's total earnings, all types of costs, and the total net income over a specific time period.
• The balance sheet is a statement typically emphasizing on its assets, liabilities, and equity at a particular time period.

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