what is profit & loss A/c? difference between income &
expenditure A/c
Answer Posted / chetan
p&l a/c is maintained to know the net profit of an
organisation but profit and loss a/c prepared to know
whether co., getting or loss
| Is This Answer Correct ? | 4 Yes | 12 No |
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In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
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Hello to every body ... Its not its not a interview question In accounting field can we make Money ?