What is Profit & Loss Account?
What is Profit and Loss Account ?
The Profit and Loss Account starts with the credit
from the Trading Account in respect of Gross Profit or Debit if there is Gross
Loss. Thereafter, all those expenses, which have not been debited to trading
account, arc debited to profit and loss account. If there are any incomes or
gains, for e.g. rent received on premises sublet, interest on investments,
discount received from suppliers, these will be credited to Profit and Loss
Account.
Format of Profit and Loss Account (For the
year ending on----)
|
Particular |
Amount |
Particular |
Amount |
|
To Gross Loss b/d To Audit Fees To Conveyance Exp. |
****** ****** |
By Gross Profit b/d By Dividend |
****** |
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