State True or False with reason:The credit balance of the Profit & Los

1.	State True or False with reason:The credit balance of the Profit & Loss account shows a net profit.
Answer» This statement is True. The credit side of profit and loss A/c represents incomes when the credit side is greater than the debit side (expenses) it shows the Net Profit of the year.

State True or False with reason:The credit balance of the Profit & Loss account shows a net profit.

Answer»

This statement is True.

The credit side of profit and loss A/c represents incomes when the credit side is greater than the debit side (expenses) it shows the Net Profit of the year.

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State True or False with reason:The credit balance of the Profit &amp; Loss account shows a net profit.

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State True or False with reason:The credit balance of the Profit & Loss account shows a net profit.