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Question
Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.
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Solution
Selling expenses
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What do you mean by Profit & Loss A/c?
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What do you mean by Prepaid Expenses?
Give a word, term, or phrase which can substitute the following statement:
Carriage paid on sale of goods.
Excess of credit over to debit in Profit and Loss Account indicates ________
State True or False with reasons:
Credit balance of Profit and Loss account shows net profit.
Fill in the blank :
Interest on Bank Loan is debited to _________ A/c
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Interest of proprietor's drawing is credited to _________ account.
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Rent, Salary, Insurance, Plant and Machinery
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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 ______.
Name any two direct expenses and indirect expenses.
Correct and Rewrite the following statements:
When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.
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.
Give a word, term or phrase which can substitute of the following statement:
Account prepared to know Net Profit or Net Loss.
Give a word, term or phrase which can substitute in the following statement:
Account prepared to know Net Profit or Net Loss.
Given below is the Trial Balance of M/s. Krishna & Sons Pvt. Ltd. as on 31st March, 2023. Prepare a Trading and Profit and Loss account for the year ending 31st March, 2023 and a Balance Sheet as on the same date.
Trial Balance of M/s. Krishna & Sons Pvt Ltd. as on 31st March 2023.
| Particulars | Dr. | Cr. |
| Capital | - | 50,000 |
| Drawings | 1,000 | - |
| Debtors and Creditors | 25,000 | 15,000 |
| Loan | - | 20,000 |
| Discounts | 4,750 | 300 |
| Purchases and Sales | 90,000 | 1,72,000 |
| Land and Buildings | 88,000 | - |
| Salaries | 33,000 | - |
| Cash in hand | 2,700 | - |
| Stock as on 01-04-2022 | 28,000 | - |
| Commission Received | - | 18,550 |
| Sales Return and Purchase Return | 750 | 550 |
| Carriage inward | 1,200 | - |
| Bills receivable and Bills payable | 7,500 | 5,500 |
| Total | 2,81,900 | 2,81,900 |
Closing Stock was valued at ₹ 25,000
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.
______ provides information about the net profit earned or net loss suffered by the business during a given accounting period.
Storage expenses, carriage outwards, salaries of sales staff are recorded on the ______ side of the ______.
Which of these expenses would typically NOT appear on the debit side of the Profit and Loss Account?
What principle is followed by recording indirect expenses and incomes in the Profit and Loss Account?
Where is “Discount allowed” shown in the Profit and Loss Account?
What is the effect of depreciation on furniture and machinery in the Profit and Loss Account?
