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प्रश्न
Interest on Drawing is credited to __________ Account.
विकल्प
Trading
Profit and Loss
Capital
All
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उत्तर
Interest on Drawing is credited to profit and loss Account.
APPEARS IN
संबंधित प्रश्न
Give a word, term, or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.
Select the most appropriate alternatives given below and rewrite the sentence :
Discount earned is transferred to credit side of ___________ account
State True or False with reasons :
Income due but not received is a liability.
State True or False with reasons:
Credit balance of Profit and Loss account shows net profit.
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 :
Interest of proprietor's drawing is credited to _________ account.
Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.
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 |
Correct and Rewrite the following statement:
Capital A/c……………..Dr.
To Profit and Loss Account
(Being Net Profit transferred to Capital A/c)
Give a word, term, or phrase which can substitute 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.
Give a word, term or phrase that 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 |
| 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
Prepare the 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
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
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 | |
Given below is the Trial Balance of M/s. Krishna & Sons Pvt. Ltd. as on 31st March, 2023. Prepare a Trading and Profit and Loss account for the year ending 31st March, 2023 and a Balance Sheet as on the same date.
Trial Balance of M/s. Krishna & Sons Pvt Ltd. as on 31st March 2023.
| Particulars | Dr. | Cr. |
| Capital | - | 50,000 |
| Drawings | 1,000 | - |
| Debtors and Creditors | 25,000 | 15,000 |
| Loan | - | 20,000 |
| Discounts | 4,750 | 300 |
| Purchases and Sales | 90,000 | 1,72,000 |
| Land and Buildings | 88,000 | - |
| Salaries | 33,000 | - |
| Cash in hand | 2,700 | - |
| Stock as on 01-04-2022 | 28,000 | - |
| Commission Received | - | 18,550 |
| Sales Return and Purchase Return | 750 | 550 |
| Carriage inward | 1,200 | - |
| Bills receivable and Bills payable | 7,500 | 5,500 |
| Total | 2,81,900 | 2,81,900 |
Closing Stock was valued at ₹ 25,000
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 |
| 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
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?
Abnormal Losses such as stock destroyed by fire, goods lost intransit, loss on sale of fixed assets are recorded on the ______ side of the ______.
In case, the total of the debit side is greater than the total of the credit side, the difference represents ______.
Distinguish between a Trading Account and a Profit and Loss Account.
What principle is followed by recording indirect expenses and incomes in the Profit and Loss Account?
