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Having a profit and loss accounts updated, accessible in real time enables progress to a prosperous financial outcomes to be monitored and should banks or other institutions request up to date self employed accounts then you have exactly that, self employed accounts at the touch of a print button.
What else can I help you with?
How do you enter closing stock in tally?
Closing Stock:-Last years Gross profit*Present year sales account+direct and indirect account+purchase account+opening stock-sales account
How will you find closing stock in trading and profit and loss account?
GROSS PROFIT = SALES - [OPENING STOCK + PURCHASES + DIRECT EXPENSES - CLOSING STOCK]... substitute if u have all the other values
Less sales return in trading Profit loss account?
yes, SALES-SALES RETURNS- COST OF GOODS SOLD
How do you do bar trading accounts?
a bar trading account is just like a profit an lose trading account use have sales then you minus less cost of goods sold then you have your opening stock at the starting of the year an then you add purchases an then you minus less closing stock at the end of the year an the balance that you get is called the gross profit.
How do you treat receivable due on profit and loss accouunt?
Receivables are not directly recorded on the profit and loss account; instead, they are reflected on the balance sheet as current assets. However, when revenue is recognized from sales on credit, it impacts the profit and loss account by increasing sales revenue. If there are doubts about collectability, an allowance for doubtful accounts may be established, which can lead to an expense recognized in the profit and loss account, thereby reducing net income.
How is carriage inward treated in a trading and profit and loss account?
it is added to the cost of sales
How do you enter closing stock in tally?
Closing Stock:-Last years Gross profit*Present year sales account+direct and indirect account+purchase account+opening stock-sales account
Structure of profit and loss account?
$ $ $ sales return inwards lcogs opening stock purchase return outwards etc
Is sales a perment account?
No, Sales is not permanent account as sales are closed to profit and loss account at the end of fiscal year.
How will you find closing stock in trading and profit and loss account?
GROSS PROFIT = SALES - [OPENING STOCK + PURCHASES + DIRECT EXPENSES - CLOSING STOCK]... substitute if u have all the other values
How do you work out a gross profit percentage?
gross profit divided by sales Sales = 250000 Cost = 100000 gross profit = 150000 150000 / 250000 = 60%
Less sales return in trading Profit loss account?
yes, SALES-SALES RETURNS- COST OF GOODS SOLD
How do you do bar trading accounts?
a bar trading account is just like a profit an lose trading account use have sales then you minus less cost of goods sold then you have your opening stock at the starting of the year an then you add purchases an then you minus less closing stock at the end of the year an the balance that you get is called the gross profit.
Advantages and disadvantages of trading profit and loss account?
: Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period, Profit and loss account gives the actual information about indirect expenses, Profit and loss account serves to show the ratio between net profit to sales, Profit and loss account helps in showing the ratio between net profit to operating expenses, Profit and loss account helps in controlling indirect expenses
How do you work out the net profit?
To determine your net profit , add up your annual expenses for the running of your business etc & subtract that figure from your gross profit. Or you get the gross profit by adding your opening stock at the beginning of the year & your annual purchases , deduct your closing stock from this figure & subtract the resulting figure from your annual sales. In simple words, GROSS PROFIT = SALES less COST OF SALES. (Cost of Sales covers all costs related directly to Sales) NET PROFIT = TOTAL EXPENSES less TOTAL REVENUE
How do you work out net profit?
To determine your net profit , add up your annual expenses for the running of your business etc & subtract that figure from your gross profit. we get the gross profit by adding your opening stock at the beginning of the year & your annual purchases , deduct your closing stock from this figure & subtract the resulting figure from your annual sales. In simple words, GROSS PROFIT = SALES less COST OF SALES. (Cost of Sales covers all costs related directly to Sales) NET PROFIT = TOTAL EXPENSES less TOTAL REVENUE
How do you you account for a parent and subsidiary amalgamation?
Sales between parent and subsidiary is not a real sales. Therefore, its eliminated at end of the year to show actual profit/loss from the sales.
