Favorite Purpose Of Preparing Profit And Loss Account
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This is achieved by setting against the net proceeds of sale the cost of goods sold.
Purpose of preparing profit and loss account. Trading and Profit and Loss account is prepared to determine the profit earned or loss sustained by the business enterprise during the accounting period. The trading and profit and loss account are two different accounts that are formed within the general ledger. Only indirect expenses and indirect revenues are shown in this account.
Gross profit or gross loss. The main purpose of preparing a Profit and Loss Appropriation account is Distribution of profits. The income statement is split into two parts.
Why are Profit and Loss Accounts prepared. Profit and Loss Appropriation Account is necessary for businesses especially partnerships because they help to allocate the net of expenditures and incomes among the various partners. That is why the Profit and Loss Appropriation Account is an important part of an organization.
It is very necessary to prepare Profit and Loss Account to pay exact income tax to the income tax authorities. It is prepared to disclose the result of operations of all the business transactions during a given period of time. To know the exact profit.
A profit and loss statement PL or income statement or statement of operations is a financial report that provides a summary of a companys revenues expenses and profitslosses over a given period of time. Profits are an important part of a business so as its allocation. To know the actual profit of a firm it is compulsory to prepare profit and loss account.
The purpose of preparing profit and loss accoutnt to known wheather their is a profit or loss in the financial status. The relation between profits and turnover. The trading account is designed to show the gross profit on sale of goods.
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