Question

Which of the following is found on the credit side of a profit and loss account A. Advertising
B.bank charges
C.dividend received
D.insurance E.wages and salary

Answer 1

Answer:

dividend received

Explanation:

it is income. by the rule debit all expenses and credit all incomes and gains,dividend received is credited to profit and loss account

Answer 2

Answer:

(C) Divident received ⇒ Credit side of P&L a/c

Explanation:

Profit and loss account is a nominal account , so all expences are debited and all gains are credited

(A) Advertisment Expence ⇒ Debit side of P&L a/c

(B) Bank charges ⇒ Debit side of P&L a/c

(C) Divident received ⇒ Credit side of P&L a/c

(D) INSURANCE ⇒ Debit side of P&L a/c

(E) WAGES AND SALARY ⇒ Debit side of Trading account

(F) SALARY AND WAGES ⇒ Debit side of P&L a/c