Interested to Buy Any Domain ? << Click Here >> for more details...
why should we call profit and loss account in general we get
profit either loss can we call that as profit or loss account?
- 1 Answers
- 4030 Views
- DuPont, I also Faced
- E-Mail Answers
Answer Posted / gupta
We post all expenses and losses to the debit side of Profit and loss account and we post all incomes and gains to the credit side of profit and loss account.The outcome of the account may be either profit or loss i.e, we get profit if credit side is more and we get loss if debit side is more.But while recording transactions we post both profits(incomes & gains)and losses(expenses and losses).This is the reason why it is called profit and loss account but not profit or loss account.
| Is This Answer Correct ? | 3 Yes | 1 No |
Post New Answer View All Answers
Tell me about a situation where you showed determination?
What do u mean by press releases
What are the 4 types of ppe?
What do you find most satisfying about this job?
Define fair value accounting?
What was the most difficult deal you had to close?
purchase of Rs 1000 were rejected and returned,however vendor returned Rs 800 and balance Rs 200 is charged to sundry exp A/c
get fixed assets items
How to pass journal entry for payment of 20 % of outstanding income tax demand of AY 14- 15 of an company in the AY 18-19.
Hi sir, Our appointed one agent for sales promotion activities. This agent doing the job "canvas of our product". My quires 1)it is eligible for service tax and how to accounted. 2) this transaction is direct expenses or direct expenses? Pl suggest me
how to calculate vat,pf,esi,service tax in corporate firm
What is general ledger account?
I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
what is miscellaneous expenditure??
What is the equation for acid-test ratio in accounting?
