Question

The credit balance of profit and loss account is,:

Answer 1

Answer:

All the expenses are recorded on the debit side whereas all the incomes are recorded on the credit side. When the credit side is more than the debit side it denotes profit. Hence, Credit balance of Profit and loss account is profit.

Answer 2

Answer:

A profit and loss account records all the incomes and expenses that have taken place in the year. ... When the credit side is more than the debit side it denotes profit. Hence, Credit balance of Profit and loss account is profit.

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