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If the total of debit side is more than credit side then the amount of difference indicates the gross loss.
Profit and loss account debit and credit side. If the total of credit side is more than the debit side then the amount of difference indicates the gross profit. Net Profit or Net Loss is the difference between the total revenue of a certain period and the. This account starts from the result of trading account gross profit or gross loss.
Items on the Credit side of Profit and Loss Account. On the debit side. Gross profit is shown on the credit side of the profit and loss account and gross loss is shown on the debit side of this account.
Then the Profit and Loss Account is credited with other incomes and debited with all indirect expenses. If a company prepares its balance sheet in the account form it means that the assets are presented on the left side or debit side. Credit side on the Right hand side.
A business will incur many other expenses in addition to the direct expenses. The accounting equation and the double entry system provide an explanation why a companys profit appears as a credit on its balance sheet. The debit balance in profit and loss account means recoverable from future profits and is shown in the asset side.
Each account is closed and transferred to the profit and loss account in the general ledger. The credit entry to the profit and loss account of 12000 represents the net profit for the period. The credit balance of profit and loss account means profit payable to shareholders and is a liability.
If credit side is more than the total of the debit side the difference between the two totals is the net profit. For earning the net profit a businessman has. The left side is called as Dr that represents all direct and indirect expenses and the right side is called as Cr side that shows direct and indirect incomes from business operations.
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