Question : The profit and loss suspense account is transferred to the debit 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)
11th Jan, 2024
Correct Answer: True
Solution : Answer = True
The balance of the Profit and Loss Suspense Account is shown on the assets side of the Balance Sheet and is transferred to the debit of the Profit and Loss Appropriation Account at the end of the year.
Hence, the correct option is 1.
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