what is Profit & Loss Account?
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Answer / h.r. sreepada bhagi
Profit & Loss Account is a summarised statement prepared at
the end of an accounting period (Month, Quarter, half year
or year) showing incomes or revenues under different heads
(Sales, Services, Interest income, etc.) and expenses under
different heads to know the profit earned or loss earned
during the period it relates to.
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / ganga
p&l a/c is statement of incomes and expences
which is prepared as per the company requirement like
monthly, quarterly, half yearlyor yearly and all incomes
are credited and all expenditure are debited
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / sunil jadhav
Profit and lOss a/c is a statement usally prepared by the
person at the end of the accounting period.Though it is
usaually prepared at but if management needs it can be
prepared on monthly basis or on daily basis. and it
contains on the right hand side Income a/c and on left hand
side it shows your expenses and provisons a/c and balance
of the both side is to recoreded, if there is balance on
the left hand side then organisation shows profits and if
there is balance on the right hand side. but no profit and
loss a/c shows simultaneously both the figure i.e. profit
and loss. It means no organisation will shows
simultaneously profit and loss.
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / pradnya
P& L A/C IS A STATEMENT WHICH IS PREPARED AT THE END OF THE
YEAR. AND WHICH SHOWS EXPENDITURE , LOSSES & INCOMES , GAINS
OF THE COMPANY.
| Is This Answer Correct ? | 0 Yes | 1 No |
expenses incurred in the formation of the company are show in : 1)debit side in the profit and loss a/c 2)as an assets in balance sheet 3) as an liabiliies in balance sheet 4) credit side in profit and loss a/c
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