FORMAT - PROFIT AND LOSS ACCOUNT

12th BOOK KEEPING BY AJAYSANTHOSH MOURYA

Profit and Loss account
Dr.					Cr.
Particulars	Rs	Rs	Particulars	Rs	Rs
To Salaries	xxx		By Gross Profit b/d		xxx
Add: Outstanding Salaries	xxx	xxx	(Transferred from
Insurance premium	xxx		Trading A/c)
Less: Prepaid Insurance			By Commission received	xxx
Premium	xxx	xxx	Add: Commission
To Interest on Capital		xxx	accrued but not yet
To Interest on loan	xxx		received	xxx
Add: Interest on loan			By Rent received	xxx
outstanding	xxx	xxx	Less: Rent received in
To Depreciation on:			advance	xxx	xxx
Fixed Assets,			By Interest on drawings		xxx
Buildings, Machinery			By Discount received		xxx
Furniture etc.	xxx	xxx	By New provision for
To Bad Debts	xxx		discount on creditors	xxx
Add: New Bad Debts	xxx		(given in adjustment)
(given in adjustment)			Less: Old provision	xxx	xxx
	xxx
Add: New Provision for
bad & doubtful debts	xxx
(given in adjustment)
	xxx
Less: Old Provision	xxx	xxx
To Discount allowed	xxx
To New Provision for
discount on debtors	xxx
(given in adjustment)
	xxx
Less: Old Provision	xxx	xxx
To Net profit
A	xxx
B	xxx	xxx
(Transferred to
Capital A/c - in profit
sharing ratio)
		xxx			xxx