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What else can I help you with?
Where do creditors go on a profit and loss account?
I'm a student myself but i don't think that you have to use creditors in a trading, profit and loss account....i think it's given for the balance sheet that you have to make after the trading, profit and loss account.
Why net profit is disclosed on liabili ty side of balance sheet?
because profit is earned on the capital invested which is not the company's money. capital is also like a liability and the profit should actually be given to the owner and the money is still there with the company so it is again a liab. for the company to pay the profit which is a return on the capital invested by the owner.
What is the balance in the account after the cheque is written out?
The balance of an account is the cash that is in it at any given time. It may be a positive or, if you have been given permission, negative amount.
What Is The PL Account?
The PL account is what is commonly referred to as profit and loss account. This is used to record the income and expenditure of a business so as to establish the profit or loss of the business for a given period.
Difference between ledger balance and available balance?
The available balance refers to the cash that can be withdrawn from the given account. The ledger balance on the other hand refers to the amount that is available in the account.
What is the name given for ascertainment of profit of an organization by statement of affairs method?
balance sheet method
What is the difference between trading account and profit and loss account?
expenditure is the amount of money spent on a weekly or monthly basis.income is the financial gain (earned or unearned) over a given period of time.a profit and loss account is an account compiled at the end of an accounting period to show gross and net profit or loss
What kind of profit rates can I get from investment savings account of Emirates Islamic?
Emirates Islamic's investment savings account has good profit rates. They are given on its websites and on a quarterly basis or you could also check personally with the bank.
The relationship between current account balance and GDP?
The relationship between the current account balance and the GDP is that they both reflect the production in the given economy. They both deal with the net production.
Need for profit and loss appropriation account?
Good question. This account is prepared when you need to record the dividends given and some taxes. Because these things aren't directly recorded in P&L account. Like dividends on Equity and preference shares is recorded in P&L Appropriation Account.
Trial balance commission debit or credit?
Commission in a trial balance can be debit or even credit . It depends on a situation . If commission is given in the debit side of a trial balance then it is debit and if it is given in credit side then it is credit . But if no info is given it is taken as debit . Thanks
What is the accounting entry for free gift cards?
When free gift cards are given out, the accounting entry involves debiting the "Promotional Expense" account and crediting the "Gift Card Liability" account.
