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प्रश्न
Abnormal Losses such as stock destroyed by fire, goods lost intransit, loss on sale of fixed assets are recorded on the ______ side of the ______.
पर्याय
Debit, trading account
Credit, trading account
Debit, profit and loss account
Credit, profit and loss account
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उत्तर
Abnormal Losses such as stock destroyed by fire, goods lost intransit, loss on sale of fixed assets are recorded on the Debit side of the Profit and loss account.
Explanation:
Extraordinary expenses and abnormal losses, such as goods lost in transit, loss by fire, Cash defalcations, loss on sale of assets, etc., are debited to the profit and loss account.
APPEARS IN
संबंधित प्रश्न
Answer in One Sentence:
What do you mean by Profit & Loss A/c?
State True or False with reasons:
Credit balance of Profit and Loss account shows net profit.
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.
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
______ provides information about the net profit earned or net loss suffered by the business during a given accounting period.
What happens to the net profit shown by the Profit and Loss Account in a sole proprietorship?
What principle is followed by recording indirect expenses and incomes in the Profit and Loss Account?
Where is “Discount allowed” shown in the Profit and Loss Account?
The “Packing expenses” are classified in the Profit and Loss Account when they are:
