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Why profit and loss account is prepared. All adjustments like partners salarycommissionbonusinterest on capitalloansdrawings and sharing of profits are passes through a separate account called Profit Loss Appropriation Account. Are made through this account. It is used to record some fictitious profits during the year.
Profit and Loss Account is a period statement which is prepared to show the profit or loss incurred by the Organization in the year for which it is prepared. Through this account all adjustments in respect of partners salary partners commission interest on capitalinterest on drawings etc. Profit and Loss Account is different from Trading Account because Trading account shows only the gross profit while profit and loss account shows net earnings of the business firm.
The PL statement shows a companys ability to generate sales manage expenses and create profits. The profit and loss statement demonstrates your businesss ability to generate profits. Profit Loss Account is part of final accounts prepared by a business firm to know the net profit of the business activities during a particular period.
A profit and loss statement will help the company to understand their net income which. An entity prepares a profit and loss suspense account when either the partner is retired or in case of the death of a partner at any time before the end of the reporting period. Profit Loss StatementAccount shows the profitslosses earnedincurred by a business for a month or a year.
Profit Loss StatementAccount is prepared for two main reasons. To record omitted items and rectify errors if any - After the preparation of Profit and Loss Account and Balance Sheet if any error or omission is noticed then these errors or omissions are adjusted by opening Profit and Loss Adjustment Account in the subsequent accounting period without altering old Profit and Loss. Profit and Loss Suspense Account.
The Profit and Loss Adjustment Account is prepared because of the following two reasons. To summarise a company s profit losses over a period. It is prepared to disclose the result of operations of all the business transactions during a given period of time.
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