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प्रश्न
It is an account prepared to know the net profit/loss. It is also a nominal account and represents second stage.
पर्याय
Trading Account
Profit and loss account
Balance sheet
Manufacturing account
उत्तर
Profit and loss account
Explanation:
The profit and Loss account is prepared to calculate the business's net profit or net loss for a given accounting period.
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संबंधित प्रश्न
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.
What is the need for preparing profit and loss account?
From the following details, prepare a profit and loss account.
| Particulars | ₹ | Particulars | ₹ |
| Gross profit | 50,000 | Interest received | 2,000 |
| Office rent | 10,000 | Discount received | 3,000 |
| Depreciation on office assets | 8,000 | Carriage outwards | 2,500 |
| Discount allowed | 12,000 | Insurance on office building | 3,500 |
| Advertisement | 4,000 | General expenses | 3,000 |
| Audit fees | 1,000 | Freight inwards | 1,000 |
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 of the following statement:
Account prepared to know Net Profit or Net Loss.
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Distinguish between a Trading Account and a Profit and Loss Account.
Explain the needs of Profit and Loss Account.
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
