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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.
These comprise goods purchased only for production and selling purposes. Goods utilized as assets and not for sale are not comprised in this head. Net purchase is the dissimilarity
Objectives of final accounts describe Final Account; know their objectives and preparation of Trading and Loss and Profit Account; find out the difference among Trad
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Dear Sir, I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the comp
Hi, I work at a non-profit that recently received a $250,000 stock donation which is payment for a $1M pledge. The donor has written in an e-mail that he would like to give us th
To finish this scenario, use the Confidence Interval Calculator Sheets 1,2,3 and the Area Gas Prices - Random Sample Excel file, linked in the Resources. The Minneapolis Star Tr
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
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