Home › CBSE Class 11 (Commerce) › Accountancy › Financial Statements of Sole Proprietorship › Small repairs to keep furniture in working condi…
Small repairs to keep furniture in working condition are debited to which account?
AFurniture account
BCapital account
CProfit and loss
DDrawings account
Answer & Solution
Correct answer: C. Profit and loss
Repairs only maintain the asset, so they are revenue expenses charged to profit and loss.
Related questions
Why is the government interested in a business's profitability?A trial balance lists wages, salaries, rent and bad debts. Which is the only direct expensEntries not recorded in any special book go into which book?Where are all credit sales recorded?Which book records all cash and bank transactions?If total debits and credits in the trial balance agree, what is assumed?What is the basic objective of preparing financial statements?For managers, financial statements work like what?