Debiting and crediting p&l account in journal entries

Guruprasad.R (Team Lead) (57 Points)

13 April 2016  

Hi All,

Please help me to understand as in which and all situations P&L account will be debited or credited in journal entries. As below are the examples where I have come accross using P&L debit and P&L credit:

P&L debit

Provision for discount on Debtors account ..CR.

P&L debit ..DR

Prov for Exp account ...Cr