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Answer Posted / 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.
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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