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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.
Prepare trading and profit and loss account. Prepare Trading and Profit and Loss Account and Balance Sheet from the following balances relating to the year ended 31st March 2018. Prepare the trading and profit and loss account of the business for the year ended 31122005 and a balance sheet as at that date. To access more topics go to the Principles of.
Profit and Loss Account is a period statement which is prepared to show the profit or loss incurred by the Organization in the year for which it is prepared. This account is prepared to arrive at the figure of revenue earned or loss incurred during a period. Each account is closed and transferred to the profit and loss account in the general ledger.
Preparing a trading account is the first stage in of final accounts of a trading concern. Profit Loss Account is part of final accounts prepared by a business firm to know the net profit of the business activities during a particular period. If we make a trial balance after having prepared the Trading and Profit Loss ac we will find only real and personal accounts in it apart from the nominal account Trading and Profit Loss ac.
Since the Trading and Profit and Loss Account is prepared in a columnar expenses are deducted from the gross profit instead. The profit and loss account is prepared by closing the trading account expense accounts and other income accounts using a closing journal entry. It determines the gross profit or gross loss of the concern for that accounting year.
The credit entry to the profit and loss account of 12000 represents the net profit for the period. Discount on purchases and discount on sales are deducted from purchases and sales respectively. Trading and Profit and Loss Account In order to arrive at the balance sheet of a business one needs to prepare the trading account and profit and loss account first.
Ad Execute On Investment Decisions with FactSets Powerful Market-Leading Trading Solutions. Let us understand the trading account and profit and loss account in detail. Profit and Loss Account is different from Trading Account because Trading account shows only the gross profit while profit and loss account shows net earnings of the business firm.
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