Why we are crediting Gross profit or debiting a Gross loss in the profit and loss account?
Answer Posted / ajit sharma
to equal the dr and cr and also know the status our firm . cr in p&l a/c is profit and dr means exp more than income.
Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
consultancy charges receivable Rs 30000 from abc & co. tds receivable 3000
What is the difference between a provisions and reserves?
Is there any circumstance where an accountant is allowed to depart from accounting standards while preparing financial statements? If yes explain why, if no explain no.
Tell me about an invoice discrepancy you discovered and how you resolved it
What will be the entry when deduct ESI @1.75% from the employees salary?Same as in the time of ESI of employer part @4.75% in tally posting? In PF posting in tally what will be the entry ?
What happens to the company's "cash account" if it borrows money from the bank by signing a note payable?
Sir, we have investment shares some company how to calculate gain/loss please send format brefly fifo, lifo and average method
Tell me what is an over accrual?
What are bills receivable?
A non-function currency claim:- Employee while updating a non functional currency claim the system uses the period end rate i.e. any claim pertaining to the period 01Aug - 25th Aug. the system uses the period end rate as of July 31st. (2) Also, what is the basis of using the period end rate not the average rate for expenses claim. Can you please clarify my question.
After close Balance Sheet, we find a expense which was wrongly debited in Profit and Loss A/c. How we adjust next accounting period?
Can you differentiate accounting and auditing?
Do is it proper fo an engineer to head a bank without a good backgroud in accounting? ?
Explain what a deferred asset is and give an example?
What is mis report , how to prepare mis report for general ledger?