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.
Interest Paid for Loan
Loan from Ashok @ 12%
Purchases and Sales
Debtors and Creditors
Closing Stock Rs. 32,000