general meeting a profit and loss account for the period, in the case of the first account, since the incorporation of the Company and, in any other case, since the preceding account, together with a balance sheet as at the date to which the profit and loss account is made up and a ...
A balance sheet is prepared from a trial balance after the balance of nominal account are transferred either to the trading account or to the profit and loss account .the remaining balance of personal real accounts represent either assets or liabilities at the closing date. These assets and liabi...
1. trading account入面sales 同埋purchases会分别系credit同debit，是因为sales是收入，所以是credit side的，而purchase 是支出，所以是debit side, 2. sales account同purchases入面个balance系解本月或本年累计的销售收入及购货成本 3. 至于“点解drawings要摆系capital既debit果面”唔系好明你...
debit) ofanyprofit and lossaccount. legco.gov.hk legco.gov.hk [...] 提述任何儲備金或同 類準 備金,而不論其名 稱或稱謂 如何 (亦不論其款額 是正 或是負 );在不影響前 述條文的一般 性的原則下,在第(1)(f)款中, 凡 提述該等 現有儲備金,均包括提述損益表內貸方(或借方 )所記的任何...
bottom line - A reference to the line at the bottom of a financial statement that shows the profit or balance. improve - First meant "to make a profit for oneself" or "to employ to advantage; to make profitable use of." broker - Originally, a broker or brokour bought wine cheaply in...
Closing Entries to Transfer Different Items in Profit and Loss Account 1. For debit side items: 2. For credit side items: 3. For net profit: 4. For net loss: Note:In the case of a partnership enterprise, the net profit or net loss is shared according to the partner's profit-sharing...
如果系sole proprietorship就只系郁个balance sheet就得(即系capital less drawing o个个位)(记得系...),In practice, the closing of books doesn't imply that the balances in the accounts are all debited/credited to the Profit and Loss Account/Balance Sheet. This is only the knowledge ...
Note:Discount on purchases and discount on sales are deducted from purchases and sales respectively. They may be shown on the credit and debit side of profit and loss account respectively and it will not affect the net profit of the business. The gross profit will be affected if discount is...
The total of the profit or loss items in Mike's final trial balance are £35,0 for the debit balances and £27,560 for the credit balances.What entry does Mike need to make in the profit and loss ledger account to transfer his profit or loss for the period to retained earnings?
Profit and Loss Account: The Profit and Loss Account of a banking company must be prepared as per Form B of the Act in vertical form like Balance Sheet. It is divided into: (1) Income; (2) Expenditure; (3) Profit and Loss;