Interested to Buy Any Domain ? << Click Here >> for more details...
How to calculate opening Balance of Profit and loss account
- 3 Answers
- 23466 Views
- Capital IQ, TCS, TSC, I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
Tell me an example of a tough decision that you had to make?
Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?
Q1.How depreciation deffer from depletion? Q2.show the main benefit from calculating and recording depreciation.
What qualities have you got that would make you a good accountant?
Define overhead in terms of accounting?
Tell me why do you apply for a job of an account executive?
what are the adjustments and treatment with connection to the profit and loss appropriation accounts and how they do?
How new/innavtive assets are to be treated under IFRS?
Entries to revenues accounts such as service revenues are usually?
If there is an excess amt of TDS paid under the head TDS on contractor, then how it can be shown in Annexure of TDS return?
What is the rate of penalty charged when the given Vat Cheque dishonoured?
I got a transaction of Online Recruitment Charges, So What is the Ledger to Create?
What is the revenue recognition principle?
Explain me the term material facts in accounting?
