Give a word, term, or phrase which can substitute each of the followin

1.	Give a word, term, or phrase which can substitute each of the following statements:(i) Debit balance of Trading Account.(ii) The credit balance of the Trading Account.(iii) Debit balance of Profit and Loss Account.(iv) The credit balance of Profit and Loss Account.(v) A debt that cannot be recovered.
Answer» (i) Gross Loss (ii) Gross Profit (iii) Net Loss (iv) Net Profit (v) Bad debts

Give a word, term, or phrase which can substitute each of the following statements:(i) Debit balance of Trading Account.(ii) The credit balance of the Trading Account.(iii) Debit balance of Profit and Loss Account.(iv) The credit balance of Profit and Loss Account.(v) A debt that cannot be recovered.

Answer»

(i) Gross Loss

(ii) Gross Profit

(iii) Net Loss

(iv) Net Profit

(v) Bad debts