Credit balance of profit amp loss a c shown on ........

Accountancy (Phase -I & II) Accounting cycles

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Credit balance of profit & loss a/c shown on

Asset side of balance sheet

Liability side of balance sheet

Not shown in balance sheet

Half on asset side and half on liability side

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Explanation:

A profit and loss account records all the incomes and expenses that have taken place in the year. All the expenses are recorded on the debit side whereas all the incomes are recorded on the credit side. When the credit side is more than the debit side it denotes profit. Hence, Credit balance of Profit and loss account is profit.