Question : In case of loss, The balance of the Profit and Loss Suspense Account is shown on the liabilities side of the Balance Sheet

Option 1: True 

Option 2: False

Option 3: Can’t say

Option 4: None of the above 

Question : In case of loss, The balance of the Profit and Loss Suspense Account is shown on the liabilities side of the Balance Sheet

Option 1: True 

Option 2: False

Option 3: Can’t say

Option 4: None of the above 

Question : Complete the Table - 
Name of Account –  Account group in financial Account
Hint -  Sundry Debtors –  Balance sheet, Asset side

Indirect income ____
Current liabilities_____
Stock in hand _____
Sales account ______

Option 1:

1. Profit & Loss Account, Credit side
2. Balances Sheet, Liability side
3. Balance Sheet, Asset side
4. Trading Account, Credit side

Option 2:

1. Balance sheet, Credit side
2. Profit and loss, Liability side
3. Balance Sheet, Asset side
4. Trading Account, Credit side

Option 3:

1. Profit & Loss Account, Credit side
2. Balances Sheet, Asset side
3. Balance Sheet, Liability side
4. Trading Account, Credit side

Option 4: None of the above

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 

Question : The balance of the Profit and Loss Suspense Account is shown on the assets side of the Balance Sheet.

Option 1: True

Option 2: False

Option 3: Can’t say 

Option 4: None of the above