Question : In case of loss profit and loss, suspense is transferred to the credit of the Profit and Loss Appropriation Account at the end of the year
Option 1: True
Option 2: False
Option 3: Can’t say
Option 4: None of the above
Answer (1)
19th Jan, 2024
Correct Answer: True
Solution : Answer = True
The balance of the Profit and Loss Suspense Account is shown on the liabilities side of the Balance Sheet and is transferred to the credit of the Profit and Loss Appropriation Account at the end of the year.
Hence, the correct option is 1.
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