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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.
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.
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.
Where does commission paid go when trading and profit and loss account?
When trading, the commission paid typically goes to the brokerage firm facilitating the transaction. This cost is deducted from the trader's profits or added to their losses, impacting the overall profit and loss account. In essence, commissions reduce the net gains from successful trades and increase the losses from unsuccessful ones. Consequently, they are an essential consideration in evaluating the overall performance of a trading strategy.
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.
