Question

The balance of nominal account are tranferred to profit or loss account is true or false​

Answer 1

Answer:
True
Explanation:
As per the question
Profit and Loss account is a Nominal Account, not a Real Account.
Nominal Account related to income /gains and expenses/losses of a business. For example: salary, rent commission, etc. Whereas Real account is that which related to assets of an organisation. For example: Land and Building, Machinery etc.
Profit and Loss accounts is an account in a book of an organisation to ascertain net profit or loss for a particular period of time or net result of a business. All expenses/losses are recorded on the debit side and Income/gains are recorded on the credit side of Profit and Loss account. If the total of debit side exceeds it means an organisation has incurred a loss where credit side exceeds it means profit made by an organisation. The exceed amount always transferred to a Balance Sheet.
Each Nominal account is transferred to Profit and Loss account. Profit and Loss account is an income statement.

Answer 2

$\huge\bold\purple{A}\red{N}\green{S}\blue{W}\purple{E}\green{R}$

$\huge\bold\green{\boxed{==}\purple{\boxed{==}\red{\boxed{==}\pink{==}\orange{==}{>}}}}$

$\huge\bold{TRUE}$