Answer / deepak choudhary

p&l a/c ..Dr
To net profit a/c
(for recordind net profit )

net losses a/c ..Dr
To p&l a/c
(for recording net losses)
after these entries that profit or loss as the case may be will be tranferred to either capital account or to p&l appropriation accounts...

In the General Ledger.. When putting discounts, you put discounts on the DR side for Creditors and Discounts on the CR for Debitors.. Which side does discount go on for the rest of the accounts such as Purchases, M Dog, L Shirt, and L Dress?

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