TERM: 2ND TERM
SUBJECT: BUSINESS STUDIES
CLASS: JSS 3
TOPIC: PROFIT AND LOSS ACCOUNT
Profit & Loss Account: This is an account prepared after the preparation of the Trading Account. It is debited with all operational expenses and credited with the gross profit and all other revenue accruing to a business.
Purpose of Preparing the Profit & Loss Account
The P&L account is prepared either to ascertain net profit or net loss.
Question: From the trial balance of Diligent Stores Ltd above, you are required to prepare the Profit and Loss Account of the company for the year ended 31st December, 2009.
DILIGENT STORES LTD
EVALUATION READING ASSIGNMENT Business Studies by O.A. Lawal. Pages 77 to 80 GENERAL REVISION QUESTIONS WEEKEND ASSIGNMENT THEORY
st December 2009.border="1" style="height: 150px;" width="431">
N N Less EXPENSES Gross profit brought down from Trading 7, 165 Carriage outwards 200 Account 7, 165 Salaries and wages 3, 862 Rent 304 Insurance 74 Sundry Expenses 664 Advertising 216 General Expenses 480 Net Profit 1, 361 7, 165 7, 165
Business Studies by O.A. Lawal. Pages 77 to 80
GENERAL REVISION QUESTIONS
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