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Expenses included in the profit and loss account are Selling and distribution expenses Freight carriage on sales Sales tax Administrative Expenses Financial Expenses Maintenance depreciation and Provisions and more.
Profit and loss account credit side items. The net profit of the business firm is calculated by totaling the credit side and debit side of the Profit and Loss Account. The profit and loss account is opened by recording the gross profit on credit side or gross loss debit side. All the debit items relating to trading account are written in debit side of trading account and all credit items relating trading account are written in credit side of trading account.
It is prepared by transferring the gross profit from trading account to its credit side. All indirect expenses are transferred on the debit side of this account and all indirect revenues on credit side. This value is obtained from the balance which is carried down from the Trading account.
All the indirect expenses are recorded in the debit side of the profit and loss account and all the incomes except sales and closing stocks are recorded in the credit side of the profit and loss account. All direct expenses that occur in factory or manufacturing process are shown in trading account the remaining indirect expenses that occur in sale process or in office are shown in profit and loss account. Sales shown in the trial balance is the total sales which include both cash sales and credit sales made during an accounting year.
If there is gross loss it is transferred to its debit side. Gross Loss Transferred from Trading Account All Indirect Expenses. This account starts from the result of trading account gross profit or gross loss.
If credit side is more than the total of the debit side the difference between the two totals is the net profit. On the debit side. Profit and Loss Account Format Items not shown in Profit and Loss Account Format Drawings.
Items on Credit Side of Trading Account. The balance of Trading Account is brought down to Profit and Loss Account. Gross Profit Transferred from Trading Account All Indirect Revenues.
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