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प्रश्न
Interest on Drawing is credited to __________ Account.
पर्याय
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
Answer in One Sentence:
What do you mean by Profit & Loss A/c?
Answer in One Sentence:
What is Net Profit?
Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.
State True or False with reasons:
Credit balance of Profit and Loss account shows net profit.
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 __________.
Find the odd one :
Do you agree or disagree with the following statement :
Reserve for bad debts is created by debiting Profit and Loss Account.
What is the need for preparing profit and loss account?
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.
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.
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.
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 |
| 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
Net profit/loss is transferred from ______.
Abnormal Losses such as stock destroyed by fire, goods lost intransit, loss on sale of fixed assets are recorded on the ______ side of the ______.
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 ______.
Which account type does the Profit and Loss Account belong to?
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?
Where is “Discount allowed” shown in the Profit and Loss Account?
