Advertisements
Advertisements
प्रश्न
Net profit/loss is transferred from ______.
पर्याय
Trading account
Profit and Loss account
Balance sheet
Manufacturing account
Advertisements
उत्तर
Net profit/loss is transferred from 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.
- The difference between the two sides of this account is either a net profit or a net loss.
- Net profit or net loss is transferred to the capital account.
APPEARS IN
संबंधित प्रश्न
Answer in One Sentence:
What do you mean by Profit & Loss A/c?
Give a word, term, or phrase which can substitute the following statement:
Income due but not yet received
Find the odd one :
Give a word, term or phrase that can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Prepare the 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.
Storage expenses, carriage outwards, salaries of sales staff 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 of the following is NOT recorded in the Profit and Loss Account?
