Professional Documents
Culture Documents
and entries
By R.A.R.G. Ranaweera
BSc (Industrial Management)
P & L of a Company /
Partnership
XXXXX
Taxation (Rate %)
(XX)
XXX
Dividends
Retained Profit for the year
(XXX)
XXX
Receive payments
Do the payments
Incur the cost
Prepaid expenses
Reduce the amount from the relevant
item in the P&L
Add the prepaid value as a Current asset
in the Balance sheet
Accrued expenses
Add the amount from the relevant item
in the P&L
Add the accrued value as a Current
liability in the Balance sheet
Prepaid revenue
Reduce the amount from the relevant
item in the P&L
Add the prepaid value as a Current
liability in the Balance sheet
Accrued expenses
Add the amount from the relevant item
in the P&L
Add the accrued value as a Current
asset in the Balance sheet
Depreciation
Doubtful debts
Bad debts
Closing stock
Depreciation
depreciation methods
Factors to consider
Depreciation
Value which will bought in to compensate
the usage of the non current asset within
a year
Accumulated depreciation
Amount of depreciated value accumulated
up to date
Entries related to
Depreciation
Doubtful debts
Bad debts
Stock
Accounting Rules
Boundary rules
Entity
Periodicity
Going concern
Quantitative
Measurement rules
Money measurement
Historic cost
Realization
Ethical riles
Relevance
Reliability
Comparability
Understandability