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Question how to prepare Profit and los accounts ?
 Question Asked In Companies :: Study Overseas, College School Exams Tests, MLA,     < I also faced this Question! >
 Question Submitted By :: darshna
  Answer Posted By  
 
Answer
INCOME. £

Sales 23850


EXPENDITURE.

Selling Expenses .1800.
Bank Interest .450.
Purchases .12000.
Wages & Salaries .1500.
Rent & Rates .450.
Telephone .600.
ESB .525.
Insurance .525.
_____.

Total expenditure .17850.

Net Profit .6000.


Balance Seet as at ?.

Fixed Assets:-. £

Land & Buildings .8400.
Plant & Machinery .3450.
Motor Vehicles .450.
Total Fixed Assets .12300.

Curent Assets.
Debtors .3000.
Bank & Cash .2700.
Total current assets .5700.

Less current Liabs.
Creditors .1200.

Net current assets .4500.

Total Assets .16800.
_____.

Liabilities.

Long term loan .1800.
Share Capital a/c .3000.
Share Premium A/c .1500.
P&L a/c b/f 4500.
Plus Profit 6000 .10500.


Total Liabilities .16800.


When you post the answer, it throws the alignment of the
figures out. They should all be under each other directly
under the pound sign, all of which should be further to the
right, away from the account descriptions. It is a very
simple P&L a/c and Balance Sheet format. You should be able
to present it with all the figures under each other.
Ideally, you need a spread sheet for that, unless you are
going to present it in hand written form. Total assets
balance total liabilities at £16800. Profit for the year is
£6000 from the P&L a/c, which is transferred to the balance
sheet and added to accumulated profits from the previous
years.

Is This Answer Correct ?    41 Yes 10 No


 
  vinotha.v
 
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