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📖 generic · CBSE Class 11 English medium · ACCOUNTANCY · Page 13

the profit and loss account is more than the total of the debit side, the difference

Chapter 9: Financial Statements - I · ACCOUNTANCY

the profit and loss account is more than the total of the debit side, the difference is the net profit for the period of which it is being prepared. On the other hand, if the total of the debit side is more than the total of the credit side, the difference is the net loss incurred by the business firm. In an equation form,

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