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Why loan account should not be …

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Why loan account should not be recorded as p/l appropriation account

Posted by Ak Ag 5 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Rajip Chowdhury 5 years, 1 month ago

Loan if taken by the firm is a liability and thus appears in balance sheet and int payable on it is a charge against profit and thus debited to pl acct not in pl appro. Since pl appro is all about appropriation of profits.

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CBSE > Class 12 > Accountancy

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