PROFIT AND LOSS ACCOUNT

Debit Side

0. Honorarium
1. Salary 26. Audit Fee
2. Salary & Wages 27. Entertainment Expenses
3. Rent, Wages & Taxes 28. Interest On Loan or Bank Interest
4. Warehousing Charges 29. Discount Allowed
5. Office Expenses 30. Bad Debt
6. Insurance 31. Provision For Bad & Doubtful Debt
7. Stationary 32. Depreciation
8. Printing & Stationary 33. Interest On Loan
9. Staff Welfare Expenses 34. Bills Discounting Charges
10. Electricity Charges 35. Export Charges
11. Water Charges 36. Trade Expenses
12. Establishment Expenses 37. Administrative Expenses
13. Postage & Telegram 38. Financial Expenses
14. E-mail & Fax Charges 39. Commission Paid
15. Carrier Service Charges 40. Advertisement
16. Telephone Expenses 41. Charity & Donation
17. Legal or Law Charges 42. Sample Expenses
18. Repair & Maintenance (Minor) 43. License Fee
19. Distribution Expenses 44. Delivery Charges
20. Traveling Expenses 45. Brokerage
21. General Expenses 46. Sales Tax Paid
22. Selling Expenses 47. Loss On Sale Of Asset
23. Carriage Outward 48. Loss By Fire , Theft & Accident
24. Carriage on Sale 49. Commission On Sales
25. Unproductive Wages 50. Net Profit(Transfer To Capital A/c)

Credit Side

1. Gross Profit
2. Interest Received
3. Rent Received
4. Discount Received
5. Commission Received
6. Dividend Received
7. Profit on Sale Of Asset
8. Refund Of Tax
9. Compensation Received
10. Apprenticeship Premium
11. Difference In Foreign Exchange
12. Interest On Drawings
13. Bad Debt Recovered
14. Discount On Creditors
15. Miscellaneous Received
16. Income From Investment
17. Net Loss
18. Profit On Sale Of Commission
 BALANCE SHEET

Liabilities Assets

1. Debentures
2. Share Capital 1. Land & Building
3. General Reserve 2. Plant & Machinery
4. Special Reserve 3. Furniture & Fixtures
5. Surplus 4. Motor Vehicle
6. Profit Accumulated 5. Cash(In Hand, At Bank)
7. Bank Loan 6. Cash Balance
8. Loan from Financial Institutions 7. Bank Balance
9. Loan from Individuals 8. Stock or Live Stock
10. Sundry Creditors 9. Sundry Debtors
11. Bills Payable 10. Prepaid Expenses
12. Outstanding Expenses 11. Certain Investment
13. Bank Overdraft 12. Bills Receivable
14. Creditors 13. Customers
15. Suppliers 14. Shares
16. Mortgage 15. Loose Tools
17. Sales Tax
18. Contingency Reserve
19. Reserve Funds
20. Provident Fund
21. Employees Compensation Fund
22. Provision For Taxation
23. Unsecured Loans
24. Income Received In Advance
25. Short Term Loan
16. Goodwill
17. Discount on Issue of Price/Shares/Debentures
18. Patents & Trademarks
19. Loss on Sale of Fixed Asset
20. Preliminary Expenditure
21. Closing Stock
22. Accrued Rent/Income
23. Computer & Equipments
24. Closing Stock
25. Fax Machine
26. Current Account
27. Equipments
28. Loans & Advances
29. Advertisement Suspense
 TRADING ACCOUNT

Debit Side Credit Side

1. Raw materials consumed 1. Sale

2. Wages 2. Closing Stock
3. Power Expenses 3. Sales Return
4. Work In Progress 4. Opening Stock
5. Semi-Finished Goods 5. Raw Materials
6. Finished Goods 6. Work In Progress
7. Less Purchase Return 7. Semi-finished Goods
8. Carriage Inward 8. Finished Goods
9. Octroi or Local Taxes
10. Import Duty
11. Custom Duty
12. Landing Charges
13. Clearing Charges
14. LPG & Water
15. Electricity
16. Manufacturing Expenses
17. Consumable Stores
18. Factory Expenses
19. Royalities
20. Purchase
21. Opening Stock
22. Commission On Purchase
23. Freight
24. Work Expenses
25. Excise Duty
26. Productive Expenses