How to calculate opening Balance of Profit and loss account
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Answer / nitin
The gross profit wich we get from the trading account is can be the opening balance for P&L a/c. the opening balance for trading account can calculated by adding all trad expenses and gross profit minus closing stock.
|Is This Answer Correct ?||33 Yes||6 No|
Answer / meenakshi
gross profit or gross loss of the trading account is known
as opening balance of profit and loss account
|Is This Answer Correct ?||6 Yes||3 No|
Answer / shanakr
we can find the Opening Balance of Profit & Loss Account in Balance Sheet as Reserves & Surplus.
|Is This Answer Correct ?||1 Yes||3 No|
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