Question

sale of old newspapers will be recorded in 1)balance sheet 2)trading a/c 3)profit and loss a/c 4)profit and loss appropriation

Answer 1

The answer is : Profit or loss a/c

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Answer 2

Answer:

Sale of newspaper will be recorded in the profit and loss account.

Explanation:

• In balance sheet only assets, internal and external liabilities are recorded. Trading account helps business to ascertain gross profit or the loss based only the core business revenues and expenditure.
• Profit and loss records all expenses and incomes, both direct and indirect and recurring and nonrecurring.
• Since, sale of newspaper is a non-core and non-recurring expenses it will be recorded in profit and loss account.
• Profit and loss the appropriation account show how the profit or the loss of the period is appropriated or distributed.