Question

"Mortgage & Interest" is given in the credit side of Trial balance.
Can anyone tell me in which A/c should I enter it. In Profit/Loss A/c or balance Sheet?

Answer 1

Answer :

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year. ... These records provide information about a company's ability or inability to generate profit by increasing revenue, reducing costs, or both..

Hope it will help you