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...

how we will make the invoice agt the material sold to other party with the VAT adjustment. Also please pass the journal entry of all process.

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