Question

Q15. Custom duty will go to
(1) Trading er
(2) Trading dr
(3)Profit &Loss dr
(4) Profit & Loss cr.​

Answer 1

Profit & loss draft okay

Answer 2

Answer:

(2)Custom duty will always go to Trading dr.

Explanation:

• Opening stock, acquisitions, and direct expenses are on the debit side, while sales and closing stock are on the credit side. Gross profit or gross loss is the resultant figure.
• As a result, it is always represented on the debit side of the Trading Account.

Explanation of wrong answers

(1) The expense ratio (ER) is a ratio that compares mutual fund operating costs to assets. After fees are taken into account, investors look at the expense ratio to see if a fund is an acceptable investment for them

(3)The profit and loss (P&L) statement is an important financial statement that shows a company's revenues, expenses, and spending over a specific time period, usually a fiscal quarter or year.

(4)The revenue and expenses that occur throughout the year are recorded in a profit and loss account. On the debit side, all expenses are recorded, while on the credit side, all incomes are recorded. Profit is indicated when the credit side exceeds the debit side.

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