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Profit And Loss Interview Question:
Explain the components of Profit and Loss Account?
Submitted by: AdministratorAll expenses, losses, incomes and gains are the components of Profit and Loss Account:
Expenses and losses are shown on the debit side of Profit & Loss Account. Following is the list:
Administrative Expenses:
* Office Salaries
* Postage & Telephone
* Traveling & Conveyance
* Legal Charges
* Office Rent
* Depreciation
* Audit Fees
* Insurance
* Repairs & Renewals
Selling and Distribution Expenses:
* Advertisement
* Carriage Outward
* Free Samples
* Bad Debts
* Sales Commission
Incomes and Gains are shown on the credit side of the Profit & Loss Account. Following is the list:
Gross Profit (balance forwarded from the Trading account)
Other Income:
* Discount received
* Commission received
* Non-Trading Income
* Interest received
* Bad Debts recovered
* Rent received
* Profit on the sale of assets
Submitted by: Administrator
Expenses and losses are shown on the debit side of Profit & Loss Account. Following is the list:
Administrative Expenses:
* Office Salaries
* Postage & Telephone
* Traveling & Conveyance
* Legal Charges
* Office Rent
* Depreciation
* Audit Fees
* Insurance
* Repairs & Renewals
Selling and Distribution Expenses:
* Advertisement
* Carriage Outward
* Free Samples
* Bad Debts
* Sales Commission
Incomes and Gains are shown on the credit side of the Profit & Loss Account. Following is the list:
Gross Profit (balance forwarded from the Trading account)
Other Income:
* Discount received
* Commission received
* Non-Trading Income
* Interest received
* Bad Debts recovered
* Rent received
* Profit on the sale of assets
Submitted by: Administrator
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