In this post, I will discuss about “What is profit and loss account”. You know that when we wrote to prepare for the end of the financial year, we should have prepared trading account, profit and loss account, and balance sheet. But in Tele Prime, all these are prepared by Tally Prime itself.
What is profit and loss account
- Profit and Loss Account is for the period of the financial year i.e. 1st April to 31st March.
- From the Profit and Loss Account, the net profit of the entire financial year i.e. one year can be ascertained.
- In Tele Praham we do not need to prepare profit and loss account.
- Profit and loss account is prepared by Tele Prime itself.
Balance Sheet are especially some ledger groups in Tele Prime that have a direct impact on the profit and loss account in simple words we can say that due to these groups, the profit and loss account is prepared which are given below.
- Indirect Expenses
- Indirect Income Indirect Income
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