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how to prepare Profit and los accounts ?
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Answer Posted / srikant
After complition of Trading A/c. The Gross profit will
transfer to P/L A/c or carry forward to P/L A/c. If there
is Gross profit it goes to right hand side of P/L A/c or if
there is Gross loss then the loss goes to left hand side of
P/L A/c.P/L A/c has two side, one is Expenses side & other
is Income Side. Expenses Side :- Salary, Electricity bill,
stationery exp, Printing exp.,Carriage outward, Bad debts &
all indirect expenses & Income side :- Commission received,
Interest received,Bad debts recovered etc. After complition
of entries, if income is higher than expenses it should
write Net Profit or if Income is less than expenses it
should Net loss.
| Is This Answer Correct ? | 23 Yes | 3 No |
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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