A loss has a Debit balance and is shown on the balance sheet. A gain has a Credit balance and is shown on the balance sheet. B. A loss has a Debit balance and is shown on the Income Statement. A gain has a Credit balance and is shown on the Income Statement. C. A loss has a Debit balance and is shown on the Income Statement. A gain has a Credit balance and is shown on the Balance Sheet. D. A loss has a Credit balance and is shown on the Income Statement. A gain has a Debit balance and is shown on the Income Statement.

As we know that the revenues and gains contains the normal credit balance while on the other hand the expenses and losses contains the normal debit balance and both are reported on the income statement

The gain would be reported on the credit side of the income statement and the loss would be reported on the debit side of the income statement

So the same is relevant too

sohail09753 sohail09753 · Answer 2 · 2021-12-13T10:45:01+01:00

A gain or a loss is the excess or deficit in the difference of the costs or the base value and the selling price of the goods or services. The gain or loss incurred by a business becomes part of the Income Statement.

The accurate statement for the recording of the gain or loss is:

Option B. A gain has a Credit balance and is shown on the Income Statement. C. A loss has a Debit balance and is shown on the Income Statement.

As per the dual entry bookkeeping system, all the revenues and gains have a general credit balance while the normal balance of the expenses and losses is a debit balance.

The income statement is the financial statement that records the incomes, gains, expenses, and costs occurred in the particular financial year.

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