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







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