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From the following particulars, prepare a profit & loss account of asian traders for the year ended 31st March 2018: Salaries 60,000 Discount allowed 8,000Discount Received 5,000Bad debts 2,000Rent and Rates 2,000Insurance 2,500Interest on Investment 2,000Depreciation 1,200Commission (Dr.) 4,000Gross Profit transferred from trading A/c 1,60,000 |
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Answer» Interest on investment is our income so it comes in PROFIT and loss DEBIT SIDE. NET profit is 87300. |
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