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प्रश्न
Excess of credit over to debit in Profit and Loss Account indicates ________
पर्याय
Net Profit
Gross Profit
Gross Loss
Net Loss
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उत्तर
Excess of credit over to debit in Profit and Loss Account indicates Net Profit.
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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:
Income due but not yet received
Give a word, term, or phrase which can substitute the following statement:
The provision made to compensate the loss on account of likely debts.
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
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.
Salaries appearing in the trial balance is shown on 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 statements:
When the credit side of the Profit and Loss Account is greater than the debit side, it is called 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 |
| 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 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.
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
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
It is an account prepared to know the net profit/loss. It is also a nominal account and represents second stage.
The difference of the two sides of this account is either net profit or net loss.
In case, the total of the debit side is greater than the total of the credit side, the difference represents ______.
What is the purpose of a Profit and Loss Account?
Explain the needs of Profit and Loss Account.
Where is gross profit or gross loss from the Trading Account recorded in the Profit and Loss Account?
What happens to the net profit shown by the Profit and Loss Account in a sole proprietorship?
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?
Which of the following is added to bad debts while preparing the Profit and Loss Account?
The “Packing expenses” are classified in the Profit and Loss Account when they are:
