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प्रश्न
Give a word, term, or phrase which can substitute the following statement:
The provision made to compensate the loss on account of likely debts.
उत्तर
Provision for bad and doubtful debts
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संबंधित प्रश्न
Answer in One Sentence:
What do you mean by Profit & Loss A/c?
Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.
Give a word, term, or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.
Select the most appropriate alternatives given below and rewrite the sentence :
Discount earned is transferred to credit side of ___________ account
Interest on Drawing is credited to __________ Account.
State True or False with reasons :
Income due but not received is a liability.
Fill in the blank :
Interest on Bank Loan is debited to _________ A/c
Fill in the blank :
All indirect / operating expenses are transferred to ________ account.
Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.
Find the odd one :
Find the odd one :
Do you agree or disagree with the following statement :
Reserve for bad debts is created by debiting Profit and Loss Account.
From the following information, prepare profit and loss account for the year ending 31st December, 2016.
Particulars | ₹ | Particulars | ₹ |
Gross loss | 60,000 | Printing and stationery (office) | 2,000 |
Promotional expenses | 5,000 | Legal charges | 5,000 |
Distribution expenses | 15,000 | Bad debts | 1,000 |
Commission paid | 7,000 | Depreciation | 2,000 |
Interest on loan paid | 5,000 | Rent received | 4,000 |
Packing charges (on sales) | 4,000 | Loss by fire not covered by insurance | 3,000 |
Dividend received | 3,000 |
Correct and Rewrite the following statements:
When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
1) | Bank charges | ₹ 22,000 |
2) | Interest (Cr.) | ₹ 16,000 |
3) | Sundry expenses | ₹ 42,000 |
4) | Insurance | ₹ 35,000 |
5) | Salaries | ₹ 40,000 |
6) | Rates and Taxes | ₹ 13,000 |
7) | Postage | ₹ 8,000 |
8) | Advertisement | ₹ 40,000 |
9) | Rent paid | ₹ 32,000 |
10) | Bad debts | ₹ 10,000 |
11) | Commission (Cr) | ₹ 17,500 |
12) | Printing & Stationery | ₹ 21,000 |
13) | Loss by fire | ₹ 18,000 |
14) | Discount (Dr) | ₹ 23,000 |
15) | Discount (Cr) | ₹ 37,000 |
16) | Misc. Income | ₹ 14,000 |
17) | Depreciation | ₹ 34,000 |
18) | Carriage Outwards | ₹ 60,000 |
19) | Godown Expenses | ₹ 40,000 |
Note: Gross Profit | ₹ 407500 |
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March 2018 from the following balances.
1) Bank charges ₹ 22,000
2) Interest (Cr.) ₹ 16,000
3) Sundry expenses ₹ 42,000
4) Insurance ₹ 35,000
5) Salaries ₹ 40,000
6) Rates and Taxes ₹ 13,000
7) Postage ₹ 8,000
8) Advertisement ₹ 40,000
9) Rent paid ₹ 32,000
10) Bad debts ₹ 10,000
11) Commission (Cr) ₹ 17,500
12) Printing & Stationery ₹ 21,000
13) Loss by fire ₹ 18,000
14) Discount (Dr) ₹ 23,000
15) Discount (Cr) ₹ 37,000
16) Misc. Income ₹ 14,000
17) Depreciation ₹ 34,000
18) Carriage Outwards ₹ 60,000
19) Godown Expenses ₹ 40,000
Note: Gross Profit ₹ 407500
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Prepare the profit and loss account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances:
1) | Bank charges | ₹ 22,000 |
2) | Interest (Cr.) | ₹ 16,000 |
3) | Sundry expenses | ₹ 42,000 |
4) | Insurance | ₹ 35,000 |
5) | Salaries | ₹ 40,000 |
6) | Rates and Taxes | ₹ 13,000 |
7) | Postage | ₹ 8,000 |
8) | Advertisement | ₹ 40,000 |
9) | Rent paid | ₹ 32,000 |
10) | Bad debts | ₹ 10,000 |
11) | Commission (Cr) | ₹ 17,500 |
12) | Printing & Stationery | ₹ 21,000 |
13) | Loss by fire | ₹ 18,000 |
14) | Discount (Dr) | ₹ 23,000 |
15) | Discount (Cr) | ₹ 37,000 |
16) | Misc. Income | ₹ 14,000 |
17) | Depreciation | ₹ 34,000 |
18) | Carriage Outwards | ₹ 60,000 |
19) | Godown Expenses | ₹ 40,000 |
Note: Gross Profit ₹ 4,07,500
Give a word, term or phrase which can substitute in the following statement:
Account prepared to know Net Profit or Net Loss.
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
1) | Bank charges | ₹ 22,000 |
2) | Interest (Cr.) | ₹ 16,000 |
3) | Sundry expenses | ₹ 42,000 |
4) | Insurance | ₹ 35,000 |
5) | Salaries | ₹ 40,000 |
6) | Rates and Taxes | ₹ 13,000 |
7) | Postage | ₹ 8,000 |
8) | Advertisement | ₹ 40,000 |
9) | Rent paid | ₹ 32,000 |
10) | Bad debts | ₹ 10,000 |
11) | Commission (Cr) | ₹ 17,500 |
12) | Printing & Stationery | ₹ 21,000 |
13) | Loss by fire | ₹ 18,000 |
14) | Discount (Dr) | ₹ 23,000 |
15) | Discount (Cr) | ₹ 37,000 |
16) | Misc. Income | ₹ 14,000 |
17) | Depreciation | ₹ 34,000 |
18) | Carriage Outwards | ₹ 60,000 |
19) | Godown Expenses | ₹ 40,000 |
Note: Gross Profit ₹ 4,07,500
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
1) | Bank charges | ₹ 22,000 | 11) | Commission (Cr) | ₹ 17,500 |
2) | Interest (Cr.) | ₹ 16,000 | 12) | Printing & Stationery | ₹ 21,000 |
3) | Sundry expenses | ₹ 42,000 | 13) | Loss by fire | ₹ 18,000 |
4) | Insurance | ₹ 35,000 | 14) | Discount (Dr) | ₹ 23,000 |
5) | Salaries | ₹ 40,000 | 15) | Discount (Cr) | ₹ 37,000 |
6) | Rates and Taxes | ₹ 13,000 | 16) | Misc. Income | ₹ 14,000 |
7) | Postage | ₹ 8,000 | 17) | Depreciation | ₹ 34,000 |
8) | Advertisement | ₹ 40,000 | 18) | Carriage Outwards | ₹ 60,000 |
9) | Rent paid | ₹ 32,000 | 19) | Godown Expenses | ₹ 40,000 |
10) | Bad debts | ₹ 10,000 | Note: Gross Profit | ₹ 4,07,500 |
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
1) | Bank charges | ₹ 22,000 |
2) | Interest (Cr.) | ₹ 16,000 |
3) | Sundry expenses | ₹ 42,000 |
4) | Insurance | ₹ 35,000 |
5) | Salaries | ₹ 40,000 |
6) | Rates and Taxes | ₹ 13,000 |
7) | Postage | ₹ 8,000 |
8) | Advertisement | ₹ 40,000 |
9) | Rent paid | ₹ 32,000 |
10) | Bad debts | ₹ 10,000 |
11) | Commission (Cr.) | ₹ 17,500 |
12) | Printing & Stationery | ₹ 21,000 |
13) | Loss by fire | ₹ 18,000 |
14) | Discount (Dr.) | ₹ 23,000 |
15) | Discount (Cr.) | ₹ 37,000 |
16) | Misc. Income | ₹ 14,000 |
17) | Depreciation | ₹ 34,000 |
18) | Carriage Outwards | ₹ 60,000 |
19) | Godown Expenses | ₹ 40,000 |
Note: Gross Profit ₹ 4,07,500
Office rent, office lighting, office salaries, insurance, postage and telegrams, stationery and printing, audit fees, legal expenses are recorded on the ______ side of the ______.
Storage expenses, carriage outwards, salaries of sales staff are recorded on the ______ side of the ______.
The difference of the two sides of this account is either net profit or net loss.
In case, the total of the debit side is greater than the total of the credit side, the difference represents ______.