Interested to Buy Any Domain ? << Click Here >> for more details...
treatment of P&L A/c 's balance in trial balance and
balancesheet
- 2 Answers
- 11632 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / satyaki_raju@yahoo.com
Mr Ajay Pratap I think the question put by sri Srijith to
create a confusion among the answer postors. We will
prepare the Trial balance after balancing the ledgers. It
is the process prior to the preparation of Final accounts
like Profit and Loss account and balance Sheet.The nett
result will be known to us only after preparing Profit and
Loss account statement.The profit or Loss will be
apportioned among the partners or put aside under reserves
and surplus and will be placed under sub group of capital
account.But you created a honourable post and suggested a
place in Trial balance also. Think well before you answer
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / ajay prathap
In Balance Sheet profit/Loss acquired from business is
transfered to reserves and surplus if previous years
reserves and surplus is not there and loss acquired during
current financial year shown as p&l (debit balance)in assets
side of balance sheet
Just like all other ledgers p&l a/c also shown in trial
balance if co earns profit the balance will shown in credit
side and viceversa
| Is This Answer Correct ? | 3 Yes | 2 No |
Sir i am working in 3 star hotel as a senior accountant i need some general letter drafts pleas do the need ful
a) What are the Golden Rules of Accounting? What are the 14 Principles of Accounting
after adjusting the amounts accountant of the company prepares which accounts??
Rs. 23.50 ( Rupes twenty three & paise fifty only) what is euro Conversion?
Realization concepts of revenue?
How do we return the loan in equal installments with interest in tally
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
Why not we must to created Provision & Reserve? And if we're not to recognized what the effect will be?
expand------STR
EXPAND___________LTC
what is Rectification of errors?
expand --------CCI
Audit 
