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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.
Wiki User
∙ 11y ago
Creditors do not typically appear on a profit and loss account. A profit and loss account only includes revenue, expenses, and net profit or loss. Creditors are typically listed on a company's balance sheet under current liabilities, which reflects the amount owed to them at a specific point in time.
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Where does rent received go on the trading profit and loss account?
Rent received goes under income.
Is carriage inwards part of a profit and loss account?
Yes, it would go in Cost of Goods Sold.
Where does land go in the profit and loss account?
land goes on the balance sheet under fixed assets :)
Do provisions for loan loss go in the balance sheet or profit and loss?
Profit and Loss.
Is Prepaid insurance expense an asset?
Yes. All prepaid items go in current assets until they are used and transferred to the profit and loss.
What is the journal entry of provision for bad and doubtful debts?
Provision for bad and doubtful debt is not go to profit and loss account, and it is go to balance sheet.
Where does cost of sales go on the income statements?
Cost of sales is direct cost incurred to manufacture the goods and that's why provided in trading section of trading profit and loss account.
Where does carriage inwards due go in the balance sheet?
debit side of the Trading and Profit & loss Account
Where does overdraft go to balance sheet or profit and loss account?
Bank overdraft is shown in balance sheet either as a negative amount of bank in asset side or at liability side of balance sheet.
Why does the industrial production go to negative numbers?
due to less profit and more loss.
Why is it necessary to distinguish between capital and revenue?
Then only they find the real profit or loss and financial position of the businessBecause the capital expenditure will take place to Balance sheet and revenue expenditure will go to profit and loss account. Capital expenditure also called asset of the business. These expenditure also called non-recurring nature expenses.Revenue expenditure also called recurring nature expenses.
In Indiana can a disibility income bank account be frozen by creditors?
yes and no, bank accounts can be frozen subject to a levy or garnishment order, however you have the right to go before the judge within 30 days of the hold being placed on the account to explain your financial problems. If you have not been provided with that notice you should contact the clerk of courts, or a non-profit legal assistance program.
