Q 2 - Suppose a shopkeeper purchases goods for 10000 and sells for 8000 What is Purchase,Sales and Profit?
View answer
| Particulars | Amount |
| Sales | 8000 |
| Less Purchase | 10000 |
| Profit | 0 |
| Loss | 2000 |
| Make Profit and Loss in this Case | |||
| PROFIT AND LOSS ACCOUNT | |||
| Expenses | Amount | Income | Amount |
| Purchases | 10000 | Sales | 8000 |
| Profit | Loss | 2000 | |
| Total | 10000 | Total | 10000 |
Note
If there is Profit in P&L,it is shown on Left Side
If there is Loss,it is shown on Right Side