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  • Notes d'étude
  • Révisions du sujet
    BabaJide Martins F.
    TR
    BabaJide Martins F.

    @Etchu, I agreed with you. If it is not done in a proper way, an error might occur in balance sheet.

    Morne V.
    ZA
    Morne V.

    Profit and loss summary account has to be prepared at the end of the year after closing ledger accounts

    Sunday O.
    NG
    Sunday O.

    summary bring all the balance in a proper way

    Odongo M.
    UG
    Odongo M.

    Accounting -> Preparing the profit and loss summary account Preparing the profit and loss summary account The next step after closing the accounts is to post them to the Profit and Loss summary account. This is done through the general journal, as follows. General Journal Date Particulars Debit Credit 31 Mar. Profit and Loss summary account 6 700 Cost of goods sold 4 800 Advertising 500 Wages 1 000 Rates 400 Credit sales 9 000 Profit and Loss summary account 9000 Closing entries This data is then posted in the form of totals to the Profit and Loss summary account. Profit and Loss summary account 31 Mar. Expenses 6 700 31 Mar. Revenue 9 000 Capital 2 300 9 000 9 000

    Manish K.
    NP
    Manish K.

    Profit and loss summary account has to be prepared at the end of the year after closing ledger accounts.

    Penelope M.
    US
    Penelope M.

    got it

    Adil N.
    MA
    Adil N.

    What are balance day adjustments?

    Gloria N.
    AE
    Gloria N.

    ok

    Epie E.
    TH
    Epie E.

    yap

    ETCHU THOMAS A.
    CM
    ETCHU THOMAS A.

    this is done to respect the timing of an accounting period since the P&L account is a position statement to enable us transfer our profits to the balance sheet

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