Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Loss and Profit Account is prepared so as to discern whether the firm has made net profit or suffered net loss for a specified accounting period. Such account deals along with indirect expenses as administrative, distribution and selling expenses and the similar to. Although profit and loss Account starts where trading account ends; conversely, it starts along with gross profit on the credit side brought forward from the trading account. In condition of gross loss brought forward from the trading account, loss and profit account begins along with gross loss as the first item upon the debit side.
All the running or indirect expenses, incurred on selling and distribution of the goods and the common administration of the business, such are listed on the debit side whereas all the items of income and gain are listed on the credit side. While the credit side as revenue exceeds the debit as expenses side, the dissimilarity is net profit. However, if the debit side exceeds the credit side, the diversity is net loss. Profit and loss account is balanced through transferring net profit to the capital accounts into the balance sheet and net profit thus raises the capital; the net loss is deducted from the capital accounts into the balance sheet and thus reduces the capital.
International Accounting Standard Committee ( I. A. S.C. ) Defines inventories as Tangible property) a. Held for sale in the ordinary course of business. b. In the proces
describe why a high stock turnover is considered to be a good thing
Along with a view to harmonise varying accounting policies and practices recently utilize in India, the Institute of Chartered Accountants of India (ICAI) created the Accounting St
The Financial Executives Institute is an organization established in 1931 whose members are mainly financial policy-making executives. Several of its members are chief financial of
tools and techniques of financial statement
what is accounting Standard
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
Loss and Profit Account is prepared so as to discern whether the firm has made net profit or suffered net loss for a specified accounting period. Such account deals along with indi
illustration
Current Assets These are assets that will normally be converted in cash within a year or inside the operating cycle. The operating cycle is the duration in time considered by
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd