HiTech Accounting Software, Billing Software, Inventory Control Software for Various Business Segments - Watch the videos about accounting software
Jun 21, 2007
|As already stated profit and loss account is commenced with gross profit or gross loss as ascertained by trading account. Then the profit and loss account is debited with all indirect expenses and losses. This results in closing of indirect expenses and losses account. The profit and loss account is then credited with various incomes and gains accounts by which all these accounts are closed. |
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