Question

profit and loss account write off entry​

Answer 1

Answer:

The Profit and Loss Account starts with the credit from the Trading Account in respect of gross profit . Thereafter, all those expenses or losses which have not been debited to the Trading Account are debited to the Profit and Loss Account.

Answer 2

Explanation:

Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period (i.e. Profit or loss). Reported income and expenses are directly related to an organization’s are considered to measure the performance in terms of profit & loss.

Profit & loss a/c is popularly known as P&L A/c. It is also called as Profit and Loss Statement or income and expense statement. No matter whether how you call profit & loss statement, it reveals money spent or cost incurred in an organization’s effort to generate revenue, representing the cost of doing business