Difference between gross profit and net profit, Accounting Standards

Assignment Help:

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

Related Discussions:- Difference between gross profit and net profit

Accountancy–1ECO-02, The book of Deven Verma could not be tallied. The acco...

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

Constructing a balance sheet, Comprising examined the conceptual origin of ...

Comprising examined the conceptual origin of the balance sheet we will here try to study the balance sheet by itself. We have observed that every transaction influences the financi

Chart of accounts in myob , To establish and implement an accounting system...

To establish and implement an accounting system for Trigon Corporation, using MYOB accounting software. Needed: 1. Make and print a suitable chart of accounts in MYOB

American municipal bond assurance corporation, The first municipal bond ins...

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

Accounting, During 2011, Lavina Corporation had cash and credit sales of $9...

During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of

Personal financial accounting1521, i need help for this subject

i need help for this subject

Machine installments.., i buy machine 70% cash 30% installments.i have char...

i buy machine 70% cash 30% installments.i have charged 100% cost to asset and capital so when i pay first installment i debit installment expense and credit bank so my question is

Official legal documents - governing documents, Governing Documents - Offic...

Governing Documents - Official legal documents which dictate how an entity is operated. Governing documents of a CORPORATION include ARTICLES OF INCORPORATION and BYLAWS; a PARTNER

Current assets, Current Assets These are assets that will normally be ...

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

International accounting standard committee, International Accounting Stan...

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

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages