(i) All indirect/operating expenses are transferred to _________ account.

Question

Fill in the blanks :

(i) All indirect/operating expenses are transferred to _________ account.

(ii) Interest of proprietor’s drawing is credited to ________ account.

(iii) An excess of debit over credit in the Profit & Loss A/c represents the ________

(iv) All direct expenses are transferred to _________ account.

(v) Balance Sheet is _________ of assets & liabilities.

Answer 1

(i) Profit and Loss Account

(ii) Profit & Loss Account

(iii) Net Loss

(iv) Trading A/c

(v) Statement