112 thoughts on “Trading profit and loss account and balance sheet”

  1. I would like to suggest that it is better to give balance sheet format
    separately for sole trading concern and company. it may be noted that in this format b/s format is given for company where are revenue a.c is given for a single proprietor.

    1. There is no standard format of balance sheet or P & L account for sole proprietorship business. Both balance sheet format as well as P & L account format given above are for a company and not for sole proprietor.
      I’m assuming by revenue a/c u mean to say P & L account.

    2. its thanks and honor as the explanations offered so far have provided understanding of the adjustment to be made whenever tackling an a question demanding adjustments, especially items in the trial balance that do not affect final accounts.Thanks

    1. There can be many formats of preparing the financial statements but the two formats which are given here are the most commonly used. Most companies prepare their financial statements in the vertical format.

  2. Thank you very much indeed, it is really appreciate whoever post this, it is very helpfull to me, its guide me alot thank u very much again.

  3. Thank you that was very useful Information. It really helped me doing my coursework. You saved my life. I love you and thanks a lot.

  4. its helpful
    and adjustments hv been very useful for me
    but the formate has 1 mistake nd also not given all account which are to be entry.

  5. Hello Aditya can you do me a favour are you on whatsapp if so can you help me your phone number I have a trading, profit and loss account and balance sheet problem I would like you to help me solve

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