Difference between gross profit and net profit, Accounting Standards

1)   List every item debited or credited in the Profit and Loss account.

2)   Illustrates the difference among Trading Account and Profit and Loss Account.

3)   Illustrates the difference between Gross Profit and Net Profit.

4)   Get ready trading and profit and loss account for the year ended on 2005.  

Particulars

Dr. (Rs.)

Cr. (Rs.)

Capital

 

1,00,000

Building

15,000

 

Drawing

18,000

 

Furniture

7,500

 

Motor Car

25,000

 

Interest Paid for Loan

900

 

Loan from Ashok @ 12%

 

15,000

Purchases and Sales

75,000

1,00,000

Opening Stock

25,000

 

Establishment Ex.

15,000

 

Wages

2,000

 

Insurance

1,000

 

Commission

 

7,500

Debtors and Creditors

28,100

10,000

Bank Balance

20,000

 

Closing Stock Rs. 32,000

Posted Date: 4/3/2013 6:26:50 AM | Location : United States







Related Discussions:- Difference between gross profit and net profit, Assignment Help, Ask Question on Difference between gross profit and net profit, Get Answer, Expert's Help, Difference between gross profit and net profit Discussions

Write discussion on Difference between gross profit and net profit
Your posts are moderated
Related Questions
Journal is an every days record of business transactions, this is also termed a 'Day Book' and is used for recording every day transactions in the order wherein they arise.  It is

Explain in Details Return on Investment

The term goods refer to articles that are traded through the firm   articles bought for resale. For illustration, for book seller, books are goods, for an electrical store fans, fo

Explain the procedure followed in government system of accounting in india

In 1984 the Governmental Accounting Standards Board (GASB) was recognized with a fulltime chairperson and four part-time members. The GASB issues statements on financial and accoun

i buy machine 70% cash 30% installments.i have charged 100% cost to asset and capital so when i pay first installment i debit installment expense and credit bank so my question is

How long after payment will it take to get a response#question?

JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay

i need guidance note, expert advisory help or contoveries on AS 13

These are amounts owed to the company through debtors. This is the purpose why we also utilize the term sundry debtors to indicate the amounts owed to the firm. This signifies amou