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GOOD MORNING ....
HERE IS THE QUESTION
Q. DURING PREPARATION OF TRADING AND PROFIT LOSS ACCOUNT , INTEREST WILL BE TREATED AS DIRECT OR INDIRECT EXPENSE??
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Answered by
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interest will be treated as indirect expense and will be placed in the Dr. side of P&L
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1
Answer:
In order to arrive at the balance sheet of a business, one needs to prepare the trading account and profit and loss account first. This account is prepared to arrive at the figure of revenue earned or loss incurred during a period. Let us understand the trading account and profit and loss account in detail.
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