Summary Financial Accounting Notes on Final Account (Format of Profit and Loss Account Items) for B.com / BBA / BS / ADP Chapter 008

FINAL ACCOUNT
Format of Profit and Loss Account
Lecture # 08
Name :
Profit and Loss Account
For the year ended on _____
Dr. Cr.
Gross loss b/d --- Gross profit b/d ---
Office & Administration Expenses --- Interest received ---
Salaries --- Rent received ---
Rent, rates & taxes --- Discount received ---
Postage & telegrams --- Dividend received ---
Office electric charges --- Provision for discount on creditor ---
Telephone charges --- Bad debts received ---
Printing and stationery --- Interest on Drawing ---
Selling & Distribution Expenses --- Provision for Bad Debts (Cr) ---
Carriage outward --- Bad Debts Recovered ---
Advertisement --- Reserve for discount on creditor ---
Salcmcn's salaries --- Royalty received ---
Commission --- Miscellaneous revenue ---
Insurance --- Net profit (transferred to capital A/c) ---
Traveling expenses ---
Freight outward ---
Transportation outward ---
Bad debts ---
Packing expenses ---
Provision for discount on debtor ---
Financial & Other Expenses ---
Depreciation ---
Repairs & maintenance ---
Audit fee ---
Interest on bank overdraft ---
Commission paid ---
Bank charges ---
Legal charges ---
Reserve for investment ---
Amortization of intangible assets ---
Interest on loan ---
Interest on debenture ---
Auditor’s remuneration ---
Director’s remuneration ---
Manager's remuneration ---
Loss on sale of fixed assets ---
Loss on sale of investment ---
Net profit (traasferred to capital A/c) ---
--- ---



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