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List of expenses in profit and loss account. Profit Loss Account Sales 100000 Less expenses Rent 18000 Rates 5000 Wages and Salaries 40000 Repairs 3500 Advertising 5000 Accountants fees 2000 Solicitors fees 1000 Insurance 7000 Phone 1500 83000 Net Profit 17000 Service Provider. Profit and loss account or Income statement is used to find the net profitloss of the business for an accounting period. It is prepared to find out the Net Profitloss of the business for the particular accounting period.
ProfitLoss Account is prepared after the trading account is prepared. For items of Expenses. Profit and Loss Statement of a company is an important statement for any company because it helps in knowing that whether the company is earning the profits or not which is the main motive or objective of every business enterprise.
These expenses include telephone expense traveling expense utility expense sales expense Rent repair maintenance bank charges legal expenses office supplies insurance salaries and wages of administrative staff Research expenses etc. Interest received from other sources. Office Salaries Postage Telephone Traveling Conveyance Legal Charges Office Rent Depreciation Audit Fees Insurance Repairs Renewals Selling and Distribution Expenses.
Purpose For knowing the gross profit or gross loss of a business. Are debited in profit and loss accountThese expenses are incurred for the steady supply of financial necessary for the business. The following items are shown in the credit side of the profit and loss account-Gross profit as per trading account.
It is calculated by deducting indirect expenses from the Gross ProfitLossand adding indirect incomerevenue int the Gross ProfitLoss. Net profit this is calculated by taking the expenses away from the gross profit. Ad Managing your expenses has never been easier.
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