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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?
पर्याय
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
APPEARS IN
संबंधित प्रश्न
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
What is the need for preparing profit and loss account?
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.
Give a word, term or phrase which can substitute in 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.
Storage expenses, carriage outwards, salaries of sales staff are recorded on the ______ side of the ______.
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?
