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Profit and loss trading account format. Indian Companies have to prepare the Profit Loss Account as per Schedule III of Companies Act 2013. Again the profit and loss account shows the net profit of 12000 the business has made for the accounting period. It is the second statement of the final account.
From the following balances extracted from the books of X Co prepare a trading and profit and loss account and balance sheet on 31st December 1991. To Salaries Administrative To Office Rent Rates Taxes To Lighting To Legal Charges To Postage To Printing. Start with the balance of trading account means gross profit or gross loss which is transferred to this account.
Ad Execute On Investment Decisions with FactSets Powerful Market-Leading Trading Solutions. Profit and loss account get initiated by entering the gross loss on the debit side or gross profit on the credit side. Gross profit Sales revenue Cost of goods sold.
Get Started Today with FactSet Execute Faster Trades To Boost Your Investment Returns. Net profit Net profit Net sales Net profit 12000 100000 12 Trading Profit and Loss Account Format. The vertical format is laid out in such a way so as to be more user-friendly for non accountants.
Trading Profit and Loss Account Income Statement for the year ended 3112X5 Sales 8000. Profit and Loss ac show the net resultnet profit or loss of the business for the particular accounting period. The profit and loss account is the second part of the final account that is used to determine the net profit of the business concern.
This value is obtained from the balance which is carried down from the Trading account. The feature of PL Account. The format of a Simple Trading and Profit and Loss Account The Name of the BusinessProprieter NB The exact names and types of expenses and other income will vary from business to business you should take your cue from the examination question Trading and Profit and Loss Account and the Expense accounts.
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