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debit and credit

debit and credit

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Published by yogesh607

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Published by: yogesh607 on Aug 29, 2009
Copyright:Attribution Non-commercial


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Name of Institution
Final Accounts
There are three following stages of preparing final accounts of a tradingconcern:2.Trading Account3.Profit and Loss Account4.Balance SheetManufacturing concerns prepareManufacturing Account also beforepreparing Trading Account
Name of Institution
Trading Account
Gross profit or Gross loss is ascertained by preparing Trading A/c. Cost of goods sold = opening stock+ Net purchases+ Direct expenses-Closing stock Importance and purpose of preparing Trading A/c:Ascertaining gross profit or gross lossAscertaining ratio of direct expenses to gross profitCalculation of gross profit ratioComparison of stock with the stock of previous year Comparing the actual performance with the desired performanceComparing the actual performance with the previous performance
Name of Institution
Profit and Loss Account
This account gives the overall profit or loss madeor suffered during a particular period.Importance:Knowledge of net profit or net lossCalculation of expenses ratio to salesComparison of actual performance with thedesired performanceMaintaining provision and reservesDetermining future line of action

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