Question:
Rent from Tenant is shown on the______.
Rent from Tenant is shown on the______.
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Incomes like rent received are recorded on the credit side of the Profit and Loss Account.
Updated On: Dec 18, 2024
- Debit side of trading account
- Debit side of Profit & Loss account
- Liabilities side of balance sheet
- Assets side of balance sheet
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The Correct Option is B
Solution and Explanation
Rent from Tenant is an income for the business and is shown on the Credit side of the Profit and Loss Account. This helps in determining the net profit or loss of the business.
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