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how to create a profit and loss a/c
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Answer / guest
with gross profit on credit side and all incomes on credit
side,all the indirect expenses on debit side
| Is This Answer Correct ? | 44 Yes | 11 No |
Answer / adinarayana
profit & loss a/c contains Indirect incomes and expences.
brod down Gross Profit on debit side. All Indirect incomes
write on credit side and all Indirect expencess are write
on debit side. Finaly they showed balance. If the balance
on debit side it is a Net profit and credit side it is a
Net loss. Theses balances taken into the Balance Sheet.
| Is This Answer Correct ? | 36 Yes | 7 No |
Answer / raju
Poting all expenditure on debit side (left of TB) and
Income on Credit side (right side of TB). If Income is more
than the Expediture, then we say that we have gained profit.
| Is This Answer Correct ? | 19 Yes | 2 No |
Answer / prabin
To find out the actual profit and loss a/c. First of all,
we have to entry all Administrative Exp., Selling and
advertisment Exp, R and D exp, pleminery exp. ( Revenue
Losses) with Deprecation exp in debit side of PL Account.
likewise, All Revenue income is posted in credit side of PL
a/c.
| Is This Answer Correct ? | 12 Yes | 2 No |
Answer / jophy
We get the Gross Profit from Trading A/c and it should be
Credited to Profit & Loss A/c. All indirect incomes should
be credited and all indirect expenses should be debited. If
the Credit side is higher than debit side then we will get
the Net Profit. Otherwise we will get Net Loss. The balance
should be carried to Balance Sheet in the Liability Side.
| Is This Answer Correct ? | 10 Yes | 2 No |
Answer / mohamed siddiq
Profit loss A/c create the all indirect Epemses and
Indirect Income indirect Epenses all showing to debit side
and Indirect Income Show to Credit Side its showing
| Is This Answer Correct ? | 10 Yes | 3 No |
Answer / arjun
to create the p&l a/c we should all the indirect
expenses ,indirect incomes and gross profit/gross loss.
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / asad
enter all the expenditure on the Dr. side of the P& L A/c
and income+gross profit from the T/B should enter on the
Cr. side at the end if rhs is higher then you got profit
vice versa
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / raju
by posting gross pofit on credit side of TB and all
expenditure on debit side (left of TB) and
Income on Credit side (right side of TB). If Income is more
than the Expediture, then we say that we have gained profit.
| Is This Answer Correct ? | 8 Yes | 10 No |
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Audit 
