THE SUMMARISED REVENUE ACCOUNT
The preceding sections have dealt with the conventional grouping of the revenue accounts which lead to the final profit. In a complex business the grouping of results into Manufacturing, Trading and Profit and Loss Accounts can be somewhat arbitrary. For the purpose of presenting the results for a particular period in a concise and
THE PROFIT AND LOSS AND APPROPRIATION ACCOUNT
1. The purpose of the Profit and Loss Account The Profit and Loss Account is intended to show the final surplus available for appropriation, i.e. either for distribution to the proprietors or allocation to a reserve account. The account must therefoore contain all the remaining expenditure incurred over the period covered other than
Subdivision Of The Revenue Accounts (Part 1)
The principal forms of revenue accounts The revenue accounts, whose purpose is eventually to show the profit or loss for a period, and the way in which the profit or loss is disposed of, are normally subdivided where necessary as follows: Manufacturing account Trading account Profit and loss account Appropriation account Variants of these conventional...
