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प्रश्न
Net profit/loss is transferred from ______.
पर्याय
Trading account
Profit and Loss account
Balance sheet
Manufacturing account
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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.
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संबंधित प्रश्न
Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.
Give a word, term, or phrase which can substitute the following statement:
Carriage paid on sale of goods.
State True or False with reasons :
Income due but not received is a liability.
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.
It is an account prepared to know the net profit/loss. It is also a nominal account and represents second stage.
Carriage outwards are recorded the ______ side of the ______.
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 added to bad debts while preparing the Profit and Loss Account?
Where is “Discount allowed” shown in the Profit and Loss Account?
