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For each row you will have a quarterly amount and then a total for the year.
Preparation of profit and loss account. To know the trading results during the period studying profit and loss account is the essential way. Traditionally to prepare profit and loss statement set of other statements are prepared that help you gather the data to prepare this statement. The resultant effect is either net profit or net loss.
These statements help users of financial accounting information in decision making. Who prepares Profit and Loss Account. The motive of preparing trading and profit and loss account is to determine the revenue earned or the losses incurred during the accounting period.
Usually the profit and loss account is prepared monthly quarterly or annually. If the profits are satisfactory in relation to the sale and total capital employed there is no cause for concern. Part of the Second Schedule to the Insurance Act gives form of Profit and Loss Account.
Form B in meant for Profit and Loss Account and Form C is meant for Profit and Loss Appropriation Account. It is very necessary to prepare Profit and Loss Account to pay exact income tax to the income tax authorities. The particulars required for the preparation of profit and loss account are available from the trial balance.
The trading and profit and loss account are two different accounts that are formed within the general ledger. Profit and Loss Account. You can obtain current account.
The object of studying the profit and loss account of a company for a particular year are. In ease of loss the Minority Shareholders Suspense Account should be debited and the Consolidated Profit and Loss Account credited. Preparing a Periodic Profit and Loss Statement.
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