Final account of a Trading business requires preparation of Trial balance, Trading account, Profit and Loss account and Balance Sheet. In this video Mr. Sayed C J explains in detail on how to prepare a profit and loss account.
00:08 Introduction
00:38 Steps in the accounting process
01:33 Final account of a company
01:57 What is profit & Loss Account?
02:13 Gross Profit & Gross Loss
02:38 How to prepare a profit & Loss account?
02:50 Where to record the Gross profit and Gross Loss
03:08 What all should you record in the debit side?
03:20 7 things included in trial balance
03:50 Direct and indirect expense
05:04 What to record in the credit side
05:21 Direct and indirect income
07:41 Balancing of profit & Loss account
07:50 Net Profit
07:59 Net Loss
08:04 What to do with Net Profit?
08:21 What to do with Net Loss?
08:31 Preparing Balance Sheet
09:23 Conclusion
About Sayid CJ
Sayid CJ has over 12 Years of experience in Accounts & Taxation training. His scientifically proven, modern multisensory innovative training programs are focused especially on practical skills and experience which will harness the strength and personal development. The design and delivery of these training sessions are an eye opener for common people as participants are able to accept and grow from their areas of weakness.
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29 дек 2021
