Whatever here will to study financial statements. - Phoenicia statements means trading profit and loss account and balance sheet and in certain cases it includes cash flow statement also. - But here in this lecture we're going to deal with trading profit and loss account and balance sheet. - Now what is our accounting process? First of all, we'll record all the transactions in the journal. - Then we push them to the ledger and then to check the accuracy of our ledger we will prepare a trial balance. - The trial balance also serves as a launching pad for the preparation of trading profit and loss account and balance sheet. - Now I will tell you how to prepare the trading period P&L account and balance sheet. - This process basically starts from the preparation of closing entries. - So, what are closing entries? - You know all the accounts which pertain to incomes and expenses are to be closed to either a trading and profit or a profit and loss account. - I will give you an example of this trial balance. - You see, the trial balance has two sides, the debit side and the credit side. - All the accounts which appear on the debit side of the trial balance are either assets, expenses, or losses. - Similarly, all the accounts which appear on the credit side of the trial balance are either liabilities, incomes, or revenues. - Now, if this is our trial balance, we have to close all those accounts to either the trading account or profit and loss account. - Now, which accounts to transfer to the trading account and which accounts to transfer to the profit and loss account? - I will tell you the simple fundamental rule. - All those expenses which are...
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Profit And Loss account at in excel sheet Form: What You Should Know
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