how to prepare Profit and los accounts ?
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Answer Posted / srikant
After complition of Trading A/c. The Gross profit will
transfer to P/L A/c or carry forward to P/L A/c. If there
is Gross profit it goes to right hand side of P/L A/c or if
there is Gross loss then the loss goes to left hand side of
P/L A/c.P/L A/c has two side, one is Expenses side & other
is Income Side. Expenses Side :- Salary, Electricity bill,
stationery exp, Printing exp.,Carriage outward, Bad debts &
all indirect expenses & Income side :- Commission received,
Interest received,Bad debts recovered etc. After complition
of entries, if income is higher than expenses it should
write Net Profit or if Income is less than expenses it
should Net loss.
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