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What is the journal entry for profit transfer from profit and loss account to balance sheet?
Debit profit and loss accountCredit owners capital
What are the implications of Negative General Reserve in balance sheet of a company?
It would be shown as Debit Balance of Profit & Loss Account on Asset side
About projected balance sheet and profit and loss account?
how to prepare the forecast report of profit and loss account with balancesheet
Does discount received have a debit or credit balance in the ledger balance?
discount revived has Cr balance in a profit and loss a/c
Where does loss appear on the balance sheet?
Loss is shown in asset side of business as other asset because it has debit balance and reverse of profit which has credit balance.
What is the journal entry to record fixed asset disposals?
[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx
Can a dormant account be closed and balance transferred to Profit loss account?
Can_a_dormant_account_be_closed_and_balance_transferred_to_Profit_loss_account
Is profit and loss account given in trial balance a liability?
no
Difference bitwen trail balance and profi and loss account?
Trial balance is the statement which shows the different items in the debit side and creditside of its format and in the end (generally) amounts both the sides would be same. it is prepared to know the mathematical accuracy. its format contains: Particulars-debit-creidit. Profit and loss account is an account which is prepared to find out the netprofit(or netloss) and its usually prepared after the trading account. Format of P&L account is Particulars-debit-particulars-credit
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.
Is additional capital will enter in the profit and loss appropriation account?
Additional capital is shown under capital account of balance sheet and not shown in profit and loss appropriation account.
How the make profit and loss account and balance sheet in tally?
hai
