How to calculate opening Balance of Profit and loss account
Answers were Sorted based on User's Feedback
Answer / nitin
The gross profit wich we get from the trading account is can be the opening balance for P&L a/c. the opening balance for trading account can calculated by adding all trad expenses and gross profit minus closing stock.
Is This Answer Correct ? | 33 Yes | 6 No |
Answer / meenakshi
gross profit or gross loss of the trading account is known
as opening balance of profit and loss account
Is This Answer Correct ? | 6 Yes | 3 No |
Answer / shanakr
we can find the Opening Balance of Profit & Loss Account in Balance Sheet as Reserves & Surplus.
Is This Answer Correct ? | 1 Yes | 3 No |
Explain what is ledger?
What is reversing journal entries?
How to conduct u r interviews?
What are the uses of journal in accounting?
can we credit depreciation of the year to the general reserves in a balance sheet of that year? and also enlist some relevant documents or standards?
wht is different between defered tax liablities and defered tax assets??????
what is meant by OGL ?
1- Can ledger make without journal?
Do you know what is the importance of team work in this position?
What account payable entry
whats the sales tax slab and company's turnover professional tax slab
What is diffrence between direct & Indirect Exp.