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

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