why bank accounts are not coming in profit and loss
account ?
Answers were Sorted based on User's Feedback
Answer / m.l.verma
All the Assets either fixed assets or current assets is only
shown in balence sheet not in profit & loss A/c.
Is This Answer Correct ? | 11 Yes | 0 No |
Answer / madhukar
first bank a/c.is coming under current asset which is shown
in balance sheet asset side.
in case of profit & loss a/c. dr side of p&l are coming all
expencess of company or firms and cr side of pl all income
of company sales.
Is This Answer Correct ? | 11 Yes | 0 No |
Answer / amit guleria
Bank may be either asset or liability(Overdrawn)& hence will be shown only in the Balance sheet.
Is This Answer Correct ? | 2 Yes | 0 No |
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
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