Question

profit & loss account credit balance means net loss

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Answer 1

Answer:

Profit and Loss account. ... Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR). A net profit is a Credit in the Profit and loss account. A net loss is a Debit in the Profit and loss account.

Answer 2

YESS IT MEANS LOSS........