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प्रश्न
It is an account prepared to know the net profit/loss. It is also a nominal account and represents second stage.
विकल्प
Trading Account
Profit and loss account
Balance sheet
Manufacturing account
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उत्तर
Profit and loss account
Explanation:
The profit and Loss account is prepared to calculate the business's net profit or net loss for a given accounting period.
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संबंधित प्रश्न
Answer in One Sentence:
What is Net Profit?
Give a word, term, or phrase which can substitute the following statement:
Carriage paid on sale of goods.
Select the most appropriate alternatives given below and rewrite the sentence :
Discount earned is transferred to credit side of ___________ account
Fill in the blank :
Interest of proprietor's drawing is credited to _________ account.
Do you agree or disagree with the following statement :
Reserve for bad debts is created by debiting 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.
Net profit/loss is transferred from ______.
Which of the following is added to bad debts while preparing the Profit and Loss Account?
What is the effect of depreciation on furniture and machinery in the Profit and Loss Account?
What happens to net loss as per the Profit and Loss Account in final accounts?
