1) List every item debited or credited in the Profit and Loss account.
2) Illustrates the difference among Trading Account and Profit and Loss Account.
3) Illustrates the difference between Gross Profit and Net Profit.
4) Get ready trading and profit and loss account for the year ended on 2005.
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Particulars
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Dr. (Rs.)
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Cr. (Rs.)
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Capital
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1,00,000
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Building
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15,000
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Drawing
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18,000
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|
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Furniture
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7,500
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|
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Motor Car
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25,000
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|
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Interest Paid for Loan
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900
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Loan from Ashok @ 12%
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15,000
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Purchases and Sales
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75,000
|
1,00,000
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Opening Stock
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25,000
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Establishment Ex.
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15,000
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Wages
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2,000
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|
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Insurance
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1,000
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Commission
|
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7,500
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Debtors and Creditors
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28,100
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10,000
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Bank Balance
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20,000
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Closing Stock Rs. 32,000