Outstanding salary in profit and loss account
WebP & L / Net Profit = Revenues - Expenses. This involves eight steps (though accounting software can automatically run a profit and loss statement for you): Calculate your revenue. Calculate the costs of goods and services your company has sold. Subtract the costs of goods (value from step 2) from your revenue (value from step 1) to get your ... Webto Trading Account. The Profit and Loss Account is prepared to find out the Net Profit or Net Loss. The Gross Profit transferred from the Trading Account is shown on the credit side of the , Profit and Loss Account and the indirect expenses and revenue losses on its debit side. If there are some other gains, they are also shown on its credit side.
Outstanding salary in profit and loss account
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WebAug 15, 2024 · To Salaries outstanding A/c: 20,000 (Salaries outstanding) 2. Prepaid Insurance A/c Dr: 400 To Insurance A/c: 400 (Insurance prepaid) 3. Accrued Interest A/c ... Prepare Trading and Profit & Loss Account and Balance Sheet as on 31st March 2004 . … WebFinance & Accounts Implementing systems, procedures & manuals for preparation & maintenance of statutory books of accounts & financial …
WebPrepare Trading and Profit & Loss Account for the year ended 31st March 2024 and Balance Sheet as at that date after taking into account the following adjustments : (i) Closing Stock was valued at ₹ 19,000. (ii) Depreciation to be provided on Land and Building @ 5% p.a. and on Plant & Machinery @ 10% p.a. (iii) Write off ₹ 2,000 as Bad debt. WebSOLUTION Dr. Books of Jain Bros. TRADING AND PROFIT AND LOSS ACCOUNT for the year ended 31st March, 2006 Particulars To Opening Stock To Purchases Rs. 2,47,400 Less: Returns Outward Rs.6,300 To Freight Inward To Factory Lighting To Coal, Gas and Power To Gross Profit c/d Rs. Rs. Particulars Sales Rs. 4,30,950 18,000 By Less : Returns Inward Rs ...
WebNov 10, 2024 · Considering the above, it would be appropriate if the borrowing limits and the thresholds for making of loans and investments, respectively under Sections 180(1) (c ) and 186 are determined with reference to the company’s net worth so that the company’s capacity on both accounts is not inhibited unfairly due to the elimination of the surplus in … Weba) Profit and loss account b) Balance sheet c) Trial balance d) Trading account 3) If a trial balance totals do not agree, the difference must be entered in a) The Profit and Loss Account b) A Nominal Account c) The Capital Account d) A Suspense Account 4) The sales income (Credit and Cash) of a business during a given period is called
WebFrom the following Trial Balance of M/s. Shradha & Sons as on 31st March, 2024, prepare Trading and Profit and Loss Account and Balance Sheet. (i) Closing Stock Rs. 64,000. (ii) Wages outstanding Rs. 2,400. (iii) Bad Debts Rs. 600. (iv) Provision for Doubtful Debts to be 5%. (v) Rent is paid for 11 months.
WebExtremely proud of our team and another world record in the books! selling tickets to new yorkWebOutstanding Expenditure a/c is a personal account and an equivalent of a creditor. It is cleared by repaying the due indicated by the account. It is a liability liquidated by payment. Prepaid Expenditure a/c is not an asset that can be realised. It is not cleared by collecting the due indicated by the account. selling tilray stock easyWebApr 8, 2024 · 165 views, 4 likes, 8 loves, 3 comments, 4 shares, Facebook Watch Videos from Cutting Up The Doubts: Guru Puja and Morning Class, ISKCON Cape Town, 8... selling tie dye shirtsWebOct 29, 2012 · (ii) Any tax on the profits or gains of any business, As this taxes paid were already allowed as deductions u/s 90,90A and 91, The act is disallowing them here. (iia) Any sum paid on account of wealth-tax. For this sub-clause, any tax paid on wealth, capital employed in a business inside or outside India, except assets in the business or ... selling tie dye shirts businessWebPrepare Trading and Profit and Loss Account for the year ended 31st March, 2024 and Balance Sheet as at that date after giving effect to the following ... Outstanding Salaries ₹ 11,500. (vi) 10% of the final profit is to be transferred to General Reserve. ANSWER: Page No 19.72: Question 12: Following is the Trial Balance as on 31st March ... selling timber by board feetWebStar Corporation Restaurant Management LLC. فبراير 2014 - الحالي9 من الأعوام 3 شهور. Abu Dhabi, United Arab Emirates. • Preparing bank reconciliation and … selling timber in louisianaWebThe salary expense account is nominal and closes in the profit & loss statement. Salary payable is a liability account keeping the balance of all the outstanding wages. If the … selling timber in mississippi