Check sibling questions
Accounts and Finance
Step 1 Basic of Accounts - Debits and Credits

Q1 - Suppose a shopkeeper purchases goods for 10000 and sells for 15000 What is Purchase,Sales and Profit?

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What is Profit and Loss Account?
Profit and Loss Account contains details of Expenses and Incomes
On left side,we show Expenses
On Right Side,we show Incomes
Difference between the two is Profit or Loss
Total of both sides do not match

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.