Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Revised schedule vi and statement of profit and loss

Save Share

This query is : Resolved

kewal krishan kapoor (Querist)
Follow

17 November 2012 previously we were debiting or crediting the profit and loss account for expenses and revenues. Now we have statement of profit and loss; does it mean that we shall have to debit or credit the statement of profit and loss instead of profit and loss account; or profit and loss appropriation account.

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
Follow

19 November 2012 There is a difference between Profit & Loss account and Profit & Loss Statement. P & L Statement is a part of financial statements whereas profit and loss account is a nominal account. Profit and loss statement is for better presentation of P&L account. There is no need to add the word statement while transferring expenses and incomes to profit and loss account.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now