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प्रश्न
The difference of the two sides of this account is either net profit or net loss.
पर्याय
Trading account
Profit and Loss account
Balance sheet
Manufacturing account
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उत्तर
Profit and Loss account
Explanation:
Profit and Loss Account is the account which is prepared to calculate the net profit or net loss of the business for a given accounting period.
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संबंधित प्रश्न
Answer in One Sentence:
State the meaning of Outstanding Expenses?
Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.
Fill in the blank :
Profit and Loss account is prepared to find out ___________ results of the business.
Find the odd one:
Rent, Salary, Insurance, Plant and Machinery
Give a word, term, or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
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 | 11) | Commission (Cr) | ₹ 17,500 |
| 2) | Interest (Cr.) | ₹ 16,000 | 12) | Printing & Stationery | ₹ 21,000 |
| 3) | Sundry expenses | ₹ 42,000 | 13) | Loss by fire | ₹ 18,000 |
| 4) | Insurance | ₹ 35,000 | 14) | Discount (Dr) | ₹ 23,000 |
| 5) | Salaries | ₹ 40,000 | 15) | Discount (Cr) | ₹ 37,000 |
| 6) | Rates and Taxes | ₹ 13,000 | 16) | Misc. Income | ₹ 14,000 |
| 7) | Postage | ₹ 8,000 | 17) | Depreciation | ₹ 34,000 |
| 8) | Advertisement | ₹ 40,000 | 18) | Carriage Outwards | ₹ 60,000 |
| 9) | Rent paid | ₹ 32,000 | 19) | Godown Expenses | ₹ 40,000 |
| 10) | Bad debts | ₹ 10,000 | Note: Gross Profit | ₹ 4,07,500 | |
Office rent, office lighting, office salaries, insurance, postage and telegrams, stationery and printing, audit fees, legal expenses are recorded on the ______ side of the ______.
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?
