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Profit & loss Account

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 December 2010 Dear Sir's

At the time of making profit & loss account, what kind of technical things should be taken in to consideration.

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arunkumar

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arunkumar (Expert)
03 December 2010 as concerned my knowledge we find things when preparing the P&l ACCOUNTS.

IF manufacturing company mainly valuevated the inventory according the AS-2.
Concentrate on the interest receivables and paybles
loan payments and advances
any other statutory dues
reserves and provisions after the calculating the profit
its called as a profit and loss account apportions.
and another important issues is calculating the depreciation of fixed assets.
TAX are matched with the commercial dept files and audit records
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