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Dear All users, Please tell me what is showing of Profit & loss account in debit & credit Side, and which types of expenses in put down both sides.
From India , Pune
Hi Sagar,
As Bala said debit side record all expenses and credit side record all incomes. That's correct.
Expenses relating to operation are recorded in the debit side. Some of the expenses are electricity,Office Rent, Printing & Stationery, Postage & Telegrams, Telephone charges, Staff welfare, Salaries, Internet charge, Conveyance etc.
Similarly all the income from operation are mentioned in credit side. It may be Discount received, Interest received, Income from sales etc.
From India , Hyderabad
Sagar,
Basic accounting rules
Debit all expenses and losses.
Credit all incomes and gains.
All revenue expenses and incomes are falling under Profit & Loss Account. These expenses and incomes are actual spent or received and also provisions also (i.e. expenses for that the financial year should be shown as provisional expenses irrespective of date of payment vice a versa incomes also)
Ramakant
From India, Pune
Sagar,
Basic accounting rules
Debit all expenses and losses.
Credit all incomes and gains.
All revenue expenses and incomes are falling under Profit & Loss Account. These expenses and incomes are actual spent or received and also provisions also (i.e. expenses for that the financial year should be shown as provisional expenses irrespective of date of payment vice a versa incomes also)
siddheshwar
From India, Sangli
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