Question

In Profit & Loss Statement, Income will be on which side i.e debit or credit side

Answer 1

In Profit and loss account,Nominal account rule is followed ...

i.e

$\color{hotpink} \bold{dr \: all \: expenses \: and \: losses} \\ \color{blue} \bold{cr \: all \: incomes \: and \: gains}$

Hence , Income side is credit side ,in profits and loss account.

Hope it helps u all✌️