generic · CBSE Class 11 English medium · ACCOUNTANCY · Page 21poem
Financial Statements - I
Chapter 9: Financial Statements - I · ACCOUNTANCY · EN medium
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(Rs. , × / ), which has been shown on the debit side of the trading and profit and loss account (figure . ). Trading and Profit and Loss Account of Ankit for the year ended March , Expenses/Losses Revenues/Gains , Closing stock Gross profit c/d , , , , , , Gross profit b/d , Rent of building , Commission received Interest Net Profit (transfered to , capital account) , , Fig. . : Showing the treatment of interest on profit Operating profit = Net profit + Non-operating expenses – Non-operating incomes Operating profit = Rs. , + – nil
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that the objective of business is to communicate→and external users specifying their objectives and consequent information→9.2 Distinction between Capital and Revenue→benefit of expenditure extends more than one accounting period, it is termed→Sometimes, it becomes difficult to classify the expenditure into revenue or→The similar treatment is given to the receipts of the business. If the receipts→
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