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why we use the term profit and loss account instead of
profit or loss account
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Answer / chalapathi rao govada
The main objective of preparing the profit and loss account
is to know what is our netprofit or loss for a given period.
So based on this logic some of us will under an impression
that why can call it as profit or loss account.
But my dear friend just have a look at the logic below.
In the profit and loss account we will record all the
profit transactins and loss transactions.
Eg: profit on sale of a Fixed Assets.
Eg: Profit on Sale of investments in Stock market.
Eg: loss on sale of a capital Asset.
Eg: loss on sale of any security.
And: indirect transacitons which will altemately represents
profit or losses.Like
Sales --------- Major income source.
All revenue items---- Represents the earning capacity of
your organisation
All exp ----------- Which plays vital role in profit and
loss.
| Is This Answer Correct ? | 6 Yes | 0 No |
Debut increases,Credit decreases in-------------- Credit increases, debit decreases in-------------
Aravinds gross salary is 15000/-Pass entry adjusting 150 profession tax, Advance adjustment 1500/-
retained earnings will change over time due to what factors, retained earnings will increase.
Expand A V
Expand---------TDCB
When and who prepares Letter of credit and is any relation with bill of exchange? pleas breaf with examle.
what is the journal entry for tax refund?
28 Answers Firm, HSBC, Rahman Industries, Taj Group,
any other advice to prepare b.r.s easly
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fill in the Blanks One Example of external users of accounting information_____
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