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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.
The balance sheet lists assets, capital and liabilities separately. This is an accepted convention about the assets and liabilities are demonstrated in sub groups and listed in the
Standards at International Level: In view of the development of international trade and multinational enterprises, the requirement for standardization at the international level w
procedure followed in govt.system of accounting in india
You have learned about the business and its proprietor is reacted as separate entities. It implies that separate accounts must be kept in the ledger for recording transactions amon
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
GAAP are usually developed through professional accounting bodies as American Institute of Certified Public Accountants (AICPA) and ICAI that is Institute of Chartered Accountants
1. Trading account is prepared so as to calculate gross profit or loss, whereas the function of the profit and loss account is to disclose net profit or loss. 2. Trading account
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
i have an assignment that is requiring me to build my own Accounting framework. this assignment is not a research or textual assignment it must have a thinking process, so i can an
how much does a paper costs regarding differences and similiarities of gaap and ifrs for 4 companies
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