Question : In a Company Balance Sheet, the credit (profit) balance of the Statement of Profit and Loss is shown under:
Option 1: Reserve and Surplus
Option 2: Current Liabilities
Option 3: Non-current Assets
Option 4: Non-current Liabilities
Answer (1)
24th Jan, 2024
Correct Answer: Reserve and Surplus
Solution : Answer = Reserve and surplus
In a company's balance sheet, the credit balance of the statement of profit and loss, representing profit, is typically shown under the category of "Reserve and Surplus". This section accounts for retained earnings and other accumulated profits that have not been distributed as dividends.
Hence, the correct option is 1.
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