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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%
Purchases and Sales
75,000
Opening Stock
Establishment Ex.
Wages
2,000
Insurance
1,000
Commission
Debtors and Creditors
28,100
10,000
Bank Balance
20,000
Closing Stock Rs. 32,000
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