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
The first municipal bond insurance company was created in 1971 as a supplementary of MGIC Investment Corp. of Milwaukee; now usually called as Ambac Financial Group, Inc. The Ameri

1. What is a bank? 2. What bank overdraft?

It is generally taken to include currency or legal tender, cheques or any other document which circulates as cash. It is generally classified like a current asset while it is acces


Question : (a) One of the characteristics of an agent is "proactiveness". Briefly explain the effect of this characteristic. (b) Give an example of a purely reactive syste

Trading account is ready to ascertain the Gross Profit and Loss of a firm; here Gross Profit is the excess of total revenue over cost of goods sold as the credit side of the tradin

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 t

how many tipe of accounts

QUESTION The recognition of human capital by modern businesses has led to the development of Human Resource Accounting (HRA) Required- (a) Explain the following terms-

DOES THE ADOPTION OF IFRS BY DIFFERENT COUNTRIES NECESSARILY MEAN ACCOUNTING PROCEDURES AND PRACTICES THEY ADOPT WILL BE CONSISTENT AND COMPARABLE INTERNATIONALLY