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why if we put the loss into balace sheet it will look like the asset?

Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › why if we put the loss into balace sheet it will look like the asset?

  • This topic has 3 replies, 3 voices, and was last updated 14 years ago by MikeLittle.
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  • October 16, 2010 at 5:11 pm #45570
    Anonymous
    Inactive
    • Topics: 22
    • Replies: 11
    • ☆

    can anybody tell me what are the principles and what are the journals?

    October 16, 2010 at 9:39 pm #69393
    ahsanpervez
    Member
    • Topics: 7
    • Replies: 30
    • ☆

    well what i knw abt loss is that loss is an expense and expense is debited as u knw, when the debit goes to b’sheet then treated as asset ……asset’s are always dr.

    October 18, 2010 at 2:36 pm #69394
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    What’s your question Elen75?

    October 18, 2010 at 2:37 pm #69395
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    From your very basic book-keeping days, you should remember that a Debit balance can only be one of two things – an asset or an expense.

    Assets go to the SofFP ( Balance Sheet ) whereas expenses go to the SofI ( Income Statement 0

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