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प्रश्न
Imagine you are an accountant of Shah & Company. You have to pass an entry of interest received by the company. What will be the accounting treatment?
विकल्प
Asset side of balance sheet
Liability side of balance sheet
Credit side of trading account
Credit side of profit and loss account
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उत्तर
Credit side of profit and loss account
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संबंधित प्रश्न
Answer in One Sentence:
What do you mean by Prepaid Expenses?
Give a word, term, or phrase which can substitute the following statement:
Carriage paid on sale of goods.
State True or False with reasons :
Income due but not received is a liability.
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 ₹ 407500
Give a word, term or phrase that can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
______ provides information about the net profit earned or net loss suffered by the business during a given accounting period.
Net profit/loss is transferred from ______.
The difference of the two sides of this account is either 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?
