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Question
Salaries appearing in the trial balance is shown on the ______.
Options
Debit side of trading account
Debit side of profit and loss account
Liabilities side of the balance sheet
Assets side of the balance sheet
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Solution
Salaries appearing in the trial balance is shown on the debit side of profit and loss account.
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RELATED QUESTIONS
Give a word, term, or phrase which can substitute the following statement:
Income due but not yet received
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 (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.
The difference of the two sides of this account is either net profit or net loss.
Which of the following is NOT recorded in the Profit and Loss Account?
Where is gross profit or gross loss from the Trading Account recorded in the Profit and Loss Account?
What principle is followed by recording indirect expenses and incomes in the Profit and Loss Account?
What is the effect of depreciation on furniture and machinery in the Profit and Loss Account?
The “Packing expenses” are classified in the Profit and Loss Account when they are:
