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Horizontal format analysing costs by type of operation or function.
Profit or loss account format. A trading account can be called an investment account which contains securities and cash. Generally a trading account refers to a traders main account. Vertical format analysing costs by type of operation and function.
Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period ie. FormatSpecimen of Profit and Loss Account If it is prepared in the form of a statement it appears as shown below. To Expenses Ac individually Being the accounts of all the expenses closed 2.
The horizontal format of P. Trading and Profit and Loss Account. The balance of Profit and Loss Account which represents either net profit or net loss is transferred to the capital account.
The profit and loss account can be prepared for any period. A business may prepare its profit and loss account annually. To access more topics go to the Principles of Accounts Notes.
Profit loss ac is popularly known as PL Ac. Incomes Ac individually Dr. The main aim of accounting is to arrange accounting data in order to ascertain the amount of profit or loss of an entity.
To Capital Ac Being net profit transferred 4. It is customary to add up all the expenses first then deducting the entire column from the gross profit after adding other revenue The result is net profit or net loss. Timing Trading Account is prepared first and then profit and loss account is prepared.
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