net profilt is shown on the side of the profit and loss account?
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Explanation:
The profit or net income belongs to the owner of a sole proprietorship or to the stockholders of a corporation. ... The liabilities and owner's equity (or stockholders' equity) are presented on the right side or credit side.
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The profit or net income belongs to the owner of a sole proprietorship or to the stockholders of a corporation. If a company prepares its balance sheet in the account form, it means that the assets are presented on the left side or debit side.
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