SELECT * FROM question_mgmt as q WHERE id=10435 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=51 AND chapterId=359 and ex_no='2' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th accountancy-company-accounts-and-analysis-of-financial-statements Financial Statements of a Company prepare the format of statement of profit and loss

Question:

Prepare the format of statement of profit and loss and explain its items.

Answer:

Only the revenue or expenses related to the current year are debited or credited to profit and loss account. The profit and loss account starts with gross profit at the credit side and if there is a gross loss, it is shown on the debit side.


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