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Capital and Revenue Receipts.
Capital in profit and loss account. Capital can also represent the accumulated wealth in a. On 1st January the assets and liabilities are. A profit and loss statement PL or income statement or statement of operations is a financial report that provides a summary of a companys revenues expenses and profitslosses over a given period of time.
Drawings are not the expenses of the firm. If the debit side is smaller the difference is net profit and if it is bigger there is a net loss. Hence debit it to the Capital ac and not to the Profit and loss ac.
Businesses mostly do this because if the capital gains are their line of business they will be taxed on it like it is income. Capital First Profit Loss account Capital First Financial Statement Accounts. Revenue loss appears in the profit and loss account or income statement in the year in which it occurs.
Profit and loss account shows the net profit and net loss of the business for the accounting period. The PL statement shows a companys ability to generate sales manage expenses and create profits. The accounting equation is also the basis for the Statement of Financial Position SFP which shows current and non-current assets less current and long-term liabilities to leave total net assets namely capital.
The premium received on issue of shares and the profit on sale of fixed assets are the major examples of capital profit and should not be treated as revenue profit. Capital and Revenue Profit. It can consist of cash equipment accounts receivable land or buildings.
Profit and loss account is the statement which shows all indirect expenses incurred and indirect revenue earned during the particular period. Today Capitaline corporate database cover more than 35000 listed and unlisted Indian companies. As such it is an equivalent of the Capital ac.
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