Which of the following expenses appear in the Profit and Loss account?
Stock lost by fire and not covered by insurance
The expense for stock lost by fire and not covered by insurance appears in the Profit and Loss account, as it represents a loss due to an unforeseen event. The other expenses, such as personal income tax and drawings, are not included in the Profit and Loss account.
Similar Questions
Which of the following is NOT a limitation of financial accounting?
Specific Donations are shown on the __________ whereas General Donations are taken on the __________.
An asset is purchased for ₹14 lakh and ₹1 lakh was spent on the installation of the asset, with a useful life of 10 years. What is the difference between the amount of depreciation charged in the second year as per the straight-line method and the sum of years digits method?
In the profit and loss appropriation account, the interest on drawings is recorded on the __________ side and interest on partner's loan is recorded on the __________ side, respectively.
Identify the INCORRECT statement:
Which of the following options is the correct journal entry for the given transaction?
Office furniture is purchased from Modern Furniture for ₹45,000. ₹15,000 is paid by cash immediately and the balance of ₹30,000 is still payable.
Important Questions from Financial Organisations
Federation of Indian Chambers of Commerce and Industry was established in ___________.
When was NABARD established?
Small Industries Development Bank of India (SIDBI) is regulated by _______.
What does 'E' stand for in SEBI?
Which of the following is NOT a limitation of financial accounting?
