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Some please help me by preparing the Profit and Loss Account.my answer don't match with the real answer given in the book.Gross profit is 28650 and Net profit is 16300. Balance sheet total is 58800.
Answers (14)
Dhakshana Dhakshana
Charge depreciation of 1000 in p/l ac
If I do this , still there is a difference of 3000 in net profit.
In the balance sheet, I think in the asset side we should only write the provision of depreciation in machinery as 200 instead of 1000. If it is right, the asset side will match with the answer. I don't know what to do with liability side. I am not sure about this.
Vijay K
Bro, I got trading a/c and p&l a/c but balance sheet is not matching.
Please ask your sir why the balance sheet is not matching
Vijay K
In the balance sheet, I think in the asset side we should only write the provision of depreciation in machinery as 200 instead of 1000. If it is right, the asset side will match with the answer. I don't know what to do with liability side. I am not sure about this.
I think depreciation on Machinery in the Credit side of Trial Balance will be in liabilities.
Thread Starter
Aditya BirlaI think depreciation on Machinery in the Credit side of Trial Balance will be in liabilities.
Maybe bro, now faculty only can tell us about it.
Vijay K
Maybe bro, now faculty only can tell us about it.
Depreciation on building - Rs. 1,000 to go to PL. This will not impact the balance sheet.
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