Synon To trade discount allowed By trade discount received To cash discount allowed By cash...
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Accounting
Synon To trade discount allowed By trade discount received To cash discount allowed By cash discount received Maintenance Expenses To Depreciation on Fixed assets To Repairs and maintenance of Productive assets To loss on sale of assets By profit on sale of assets Other Expenses To Provision for debts To Net profit c/o By Netloss c/d The balancing process of the Profit and Loss Account leads to two different categories. *Net profit is the result of excess of income in the credit side over the expenses in the debit side of the Profit and Loss account. **** Net Loss is an outcome of excess of expenses in the debit side over the incomes in the credit side. 429 Credit Rs 1,000 Illustration 2: From the following information, prepare the Profit and Loss Account Debit Rs Gross profit from the Trading Account 1,00,000 Manager Salary 30,000 Office lighting 5,000 Office Rent 15,000 Local Taxes Salary paid to salesmen 20.000 Commission charges paid 10,000 Legal charges paid 3,000 Bad debts 1,500 Advertising charges 25,000 Package charges 7,500 Discount allowed 3,000 Discount received Dividend received Rent received Depreciation charges 10,000 Repairs and Maintenance 2,500 Interest on loans 1,500 4.000 2.000 1,000 500
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