Question

How should the debit balance of the Statement of Profit and Loss be presented?

a.

As a positive figure under the head 'Surplus'.

b.

As a negative figure under the head 'Surplus'.

c.

As a positive figure under the head 'Reserves and Surplus'.

d.

As a negative figure under the head 'Reserves and Surplus'.

Posted under IC 89 Management Accounting

Answer: (b).As a negative figure under the head 'Surplus'. Explanation:The debit balance of the Statement of Profit and Loss should be shown as a negative figure under the head 'Surplus'.

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Q. How should the debit balance of the Statement of Profit and Loss be presented?
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