Expenses incurred by a business, such as employee incentives, are debited to the Profit and Loss Account to determine the net profit or loss.
A company decides to distribute some goodies worth Rs. 2 Lakhs to all the employees of a company as incentive for performance. The account to which the amount of Rs. Lakhs will be debited is:
Asked in FINANCE AND ACCOUNTS OFFICER TREASURY OFFICER 2016 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
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