| Financial Accounting and Business Management of all kinds of business, industry and services is now possible with HiTech Accounting Software made for specific business segments. Click the following links for more details and free 30 days full featured evaluation download. |
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Jun 21, 2007
|As already stated profit and loss account is commenced with gross profit or gross loss as ascertained by trading account. Then the profit and loss account is debited with all indirect expenses and losses. This results in closing of indirect expenses and losses account. The profit and loss account is then credited with various incomes and gains accounts by which all these accounts are closed. |
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