Give examples of abnormal losses, abnormal gains, normal expenses and normal incomes - Accountancy - Reconstitution- Change in Existing Profit Sharing Ratio

Question

Give examples of abnormal losses, abnormal gains, normal expenses
and normal incomes

Shrivathsan V · Accepted Answer

Abnormal loss: Goods destroyed by fire/flood/etc
Abnormal Gain: lottery won, gain from hedging, etc
Normal expenses: administrative expenses like salary,wages
Normal income: revenue from operations like sale of goods/provision
of services etc

Give examples of abnormal losses, abnormal gains, normal expenses and normal incomes.