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The basic profit and loss or PL statement is one of the main accounting statements.
Profit and loss account entry. This value is obtained from the balance which is carried down from the Trading account. Ad Find Loss And Profit Statement. Meaning of Profit and Loss Account.
Profit Loss ac Nominal ac Debit Debit all expenses and losses Credit - Normal Loss ac. Profit and loss account get initiated by entering the gross loss on the debit side or gross profit on the credit side. Profit and loss ac is an account which is prepared to calculate the final profit or loss of the business.
Profit loss ac is popularly known as PL Ac. For preparing Profit and Loss Account closing entries shall be made in the Journal Proper. It is prepared to find out the Net Profitloss of the business for the particular accounting period.
All the items of revenue and expenses whether cash or non-cash are considered in this account. The profit and loss PL statement is a financial statement that summarizes the revenues costs and expenses incurred during a specified period usually a fiscal quarter or year. Through these entries items of revenue and expenses related to the Profit and Loss Account are closed by transferring their balances to Profit and Loss Account.
Profit Loss ac being a nominal account any loss should be debited to it. The accounting period can be any length but is usually a month or a year. Overall ye jo 6 Group hai Wahi Decide karte hai ki aapke Business me Kitna Profit Ya Loss Ho Raha hai.
The Profit Loss Ac is a periodic statement which shows the net result of business operations for a specified period. Entries required to make the Trading Account and the Profit and Loss Account are known as Closing Entries because their effect is to close the books of account for the year concerned. Only indirect expenses are shown in this account.
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