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प्रश्न
Answer in One Sentence:
What do you mean by Prepaid Expenses?
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उत्तर
The expenses which are paid before they are not partly or fully due for payment during the current accounting year are known as Prepaid Expenses
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संबंधित प्रश्न
Answer in One Sentence:
What do you mean by Profit & Loss A/c?
Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.
Give a word, term, or phrase which can substitute the following statement:
Carriage paid on sale of goods.
Give a word, term, or phrase which can substitute the following statement:
The provision made to compensate the loss on account of likely debts.
Select the most appropriate alternatives given below and rewrite the sentence :
Discount earned is transferred to credit side of ___________ account
Excess of credit over to debit in Profit and Loss Account indicates ________
Fill in the blank :
Interest on Bank Loan is debited to _________ A/c
Fill in the blank :
Profit and Loss account is prepared to find out ___________ results of the business.
Fill in the blank :
All indirect / operating expenses are transferred to ________ account.
Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.
Find the odd one :
Find the odd one :
From the following details, prepare a profit and loss account.
| Particulars | ₹ | Particulars | ₹ |
| Gross profit | 50,000 | Interest received | 2,000 |
| Office rent | 10,000 | Discount received | 3,000 |
| Depreciation on office assets | 8,000 | Carriage outwards | 2,500 |
| Discount allowed | 12,000 | Insurance on office building | 3,500 |
| Advertisement | 4,000 | General expenses | 3,000 |
| Audit fees | 1,000 | Freight inwards | 1,000 |
Give a word, term or phrase which can substitute in the following statement:
Account prepared to know Net Profit or Net Loss.
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
| 1) | Bank charges | ₹ 22,000 | 11) | Commission (Cr) | ₹ 17,500 |
| 2) | Interest (Cr.) | ₹ 16,000 | 12) | Printing & Stationery | ₹ 21,000 |
| 3) | Sundry expenses | ₹ 42,000 | 13) | Loss by fire | ₹ 18,000 |
| 4) | Insurance | ₹ 35,000 | 14) | Discount (Dr) | ₹ 23,000 |
| 5) | Salaries | ₹ 40,000 | 15) | Discount (Cr) | ₹ 37,000 |
| 6) | Rates and Taxes | ₹ 13,000 | 16) | Misc. Income | ₹ 14,000 |
| 7) | Postage | ₹ 8,000 | 17) | Depreciation | ₹ 34,000 |
| 8) | Advertisement | ₹ 40,000 | 18) | Carriage Outwards | ₹ 60,000 |
| 9) | Rent paid | ₹ 32,000 | 19) | Godown Expenses | ₹ 40,000 |
| 10) | Bad debts | ₹ 10,000 | Note: Gross Profit | ₹ 4,07,500 | |
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
| 1) | Bank charges | ₹ 22,000 |
| 2) | Interest (Cr.) | ₹ 16,000 |
| 3) | Sundry expenses | ₹ 42,000 |
| 4) | Insurance | ₹ 35,000 |
| 5) | Salaries | ₹ 40,000 |
| 6) | Rates and Taxes | ₹ 13,000 |
| 7) | Postage | ₹ 8,000 |
| 8) | Advertisement | ₹ 40,000 |
| 9) | Rent paid | ₹ 32,000 |
| 10) | Bad debts | ₹ 10,000 |
| 11) | Commission (Cr.) | ₹ 17,500 |
| 12) | Printing & Stationery | ₹ 21,000 |
| 13) | Loss by fire | ₹ 18,000 |
| 14) | Discount (Dr.) | ₹ 23,000 |
| 15) | Discount (Cr.) | ₹ 37,000 |
| 16) | Misc. Income | ₹ 14,000 |
| 17) | Depreciation | ₹ 34,000 |
| 18) | Carriage Outwards | ₹ 60,000 |
| 19) | Godown Expenses | ₹ 40,000 |
Note: Gross Profit ₹ 4,07,500
Carriage outwards are recorded the ______ side of the ______.
The difference of the two sides of this account is either net profit or net loss.
What is the purpose of a Profit and Loss Account?
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Which of these expenses would typically NOT appear on the debit side of the Profit and Loss Account?
What principle is followed by recording indirect expenses and incomes in the Profit and Loss Account?
What happens to net loss as per the Profit and Loss Account in final accounts?
