Why do call p&la/cas a P&l a/c ?, why not P{or}L a/c
Answers were Sorted based on User's Feedback
Answer / hitesh akki
we write profit and loss account because this particular
performa has got one debit side n one credit side if credit
amount is more we get profit n if debit amount is more we
get loss and at the begnning of the year we will be not
knowing whether we will get net profit or loss so we will
write porfit & loss account...we generally dont use profit
or loss account because in accouting system the performa is
set as profit & loss account we cant change the rules of
accouting standards we we have to follow this performa
only..
Is This Answer Correct ? | 2 Yes | 4 No |
Answer / shankar
Some times in some transanction gross loss or gross profit
may come all company transanctions but at the end of the
year only net profit or net loss comes.
Is This Answer Correct ? | 0 Yes | 4 No |
What is deferred revenue?
if closing stock appears in the trial balance what is the sollution
What is MIS report and which accounting heads to be coverd for manufacturing & Trading company
what is debtors
The liabilty positions of 1.sole proprietor 2.Partnership 3.Company
why profits are shown as liability and loss as asset in balance sheet?
OUR BOOKS & ITR MISMATCH FOR RS.15000/- ON ACCOUNTS OF TDS ON RECIEPTS FY-09-10 . KINDY GIVE CORRECTION ENTRY TO MATCH THE BOOKS WITHI ITR. DEVENDRASINGH086@GMAIL.COM
WHAT IS ACCOUNTING?
What is the journal entry purchase return in the books of Purchase
we calculate appreciation for asset what is it?
what is ment by master in tally?
what is the Assessment Year for the Previous year 2008-09