(i) Gross Profit is transferred to _________ account.

Question

Fill in the blanks :

(i) Gross Profit is transferred to _________ account.

(ii) Debit Balance of Trading Account indicates _________

(iii) Income Receivable appears on ________ side of Balance Sheet.

(iv) Interest on Bank Loan is debited to __________ A/c.

(v) Profit and Loss Account is prepared to find out _________ results of the business.

Answer 1

(i) Profit & Loss Account

(ii) Gross Loss

(iii) Asset

(iv) Profit & Loss Account

(v) Networking