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प्रश्न
Storage expenses, carriage outwards, salaries of sales staff are recorded on the ______ side of the ______.
पर्याय
Debit, trading account
Credit, trading account
Debit, profit and loss account
Credit, profit and loss account
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उत्तर
Storage expenses, carriage outwards, salaries of sales staff are recorded on the Debit side of the profit and loss account.
Explanation:
Selling and distribution expenses such as Carriage outward, salesmen's salaries and commissions, bad debts, etc., are debited to the profit and loss account.
संबंधित प्रश्न
Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.
Do you agree or disagree with the following statement :
Reserve for bad debts is created by debiting Profit and Loss Account.
Salaries appearing in the trial balance is shown on the ______.
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 | ₹ 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 | |
It is an account prepared to know the net profit/loss. It is also a nominal account and represents second stage.
Office rent, office lighting, office salaries, insurance, postage and telegrams, stationery and printing, audit fees, legal expenses are recorded on the ______ side of the ______.
The difference of the two sides of this account is either net profit or net loss.
What principle is followed by recording indirect expenses and incomes in the Profit and Loss Account?
What happens to net loss as per the Profit and Loss Account in final accounts?
