ЁЯУв Too many exams? DonтАЩt know which one suits you best? Book Your Free Expert ЁЯСЙ call Now!

    Question

    The profit on sale of old furniture should be credited

    to:
    A Trading Account Correct Answer Incorrect Answer
    B Profit and Loss Account Correct Answer Incorrect Answer
    C Manufacturing Account Correct Answer Incorrect Answer
    D All of the above Correct Answer Incorrect Answer

    Solution

    A profit and loss account (also known as an income statement or statement of operations) is a financial statement that summarizes a company's revenues, expenses, gains, and losses over a specified period of time, typically a month, quarter, or year.

    Practice Next
    More ESIC Part B Questions

    Relevant for Exams:

    ask-question