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Profit and Loss Account. Understanding the structure of the Profit and Loss Account. Nature of Profit. Profit has a number of functions:
Profit and Loss Account. Revenue Recognition. Revenue is the income of the business from its operating activities i.e sale of goods, rendering services or allowing others to use the entity’s resources. It may be called sales, fees, interest, dividend, royalties etc.
Profit and Loss Account. Profit and Loss Account. Sales Sales are the revenue against the sale of the product in which the organization deals.
Profit and Loss Account. Calculates the profit / loss made by a business in the last 12 months. Why is this important?. Pete’s Pizza Parlour. Pete runs a takeaway pizza parlour in Brentwood. He has been trading for 12 months and is drawing up his profit and loss account.
Income Summary. THE INCOME SUMMARY ACCOUNT. Debit Total expenses. Credit Revenue (greater than expenses) (Credit balance is the net income.). Lesson 17-2, page 434. 3. 4. CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT WITH A CREDIT BALANCE. 1. 2. 1. Heading. 2. Date.
Company profit and loss account. Same approach as before except we need to consider the following: Directors’ remuneration, audit fees, interest on debentures Corporation tax Dividends - preference and ordinary dividends Transfers to reserves What are the accounting entries?.
The profit and loss account. The profit and loss account is produced by a business to show: How much net profit has been made How much net loss has been made All the expenses for the year. Net profit or loss for the financial year is calculated as follows:
The Profit and Loss Account. Geoff Leese Sept 1999 revised Sept 2001, Jan 2003, Jan 2006, Jan 2007, Jan 2008, Dec 2008 (special thanks to Geoff Leese). Profit and Loss Account.
The profit & Loss Account. Made easy. Profit & Loss accounts are ALWAYS set out in the same way. You must learn this, and then it is easy to answer questions on them. SALES TURNOVER. 105,000,000. This shows how much the firm has sold during the year, & is always the starting point.
PROFIT AND LOSS APPROPRIATION ACCOUNT . DEBIT SIDE OF THE PROFIT AND LOSS APPROPRIATION ACCOUNT . TO SALARIES OF PARTNERS TO COMMISSION TO PARTNERS TO INTEREST ON PARTNERS’ CPAITALS TO PARTNERS’ CAPITAL ACCOUNT/CURRENT A/C (IF PROFIT).