Q1 - Suppose a shopkeeper purchases goods for 10000 and sells for 15000 What is Purchase,Sales and Profit?
View Answer| Particulars | Amount |
| Sales | 15000 |
| Less Purchase | 10000 |
| Profit | 5000 |
Make Profit and Loss in this Case
| PROFIT AND LOSS ACCOUNT | |||
| Expenses | Amount | Income | Amount |
| Purchases | 10000 | Sales | 15000 |
| Profit | 5000 | ||
| Total | 15000 | Total | 15000 |
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
