Profit Or Loss Account Full Tutorial

Easy to Understand Profit or Loss Account for Students of Accounting

What you'll learn
You will learn items in the Trading Account .
You will learn about the various items in the Profit or loss Account.
You will get detailed meaning of each item and how they can be posted.
You will be able to understand the double entry postings in a Trading, Profit or loss Account
You will also be able to treat Accruals, Prepayments, Accumulated Depreciation at the end of the Lesson
You will learn the Difference between the horizonal and vertical posting formats
You will also gain a simplified understanding of Accounting after watching this course.
Requirements
Accounting knowledge, Business Studies background or An Open Mind
Description
In this course you will be able to learn:1. the various items in the Trading Accounts2. the various items in the profit or loss account3. the relevant items in the balance sheet.4. how to treat items in the additional information or notes to account.5. how to treat items in the trial balance6. how to treat depreciation of assets.7. how to treat accrued expenses/expenses owing/unpaid expenses8. how to treat prepaid expenses/expenses paid-in-advance.9. how to treat income prepaid/paid in advance.10. how to treat accrued income/income owing/unearned income.11. the items that are meant to be posted on the debit side of the trading account of the sole proprietor.12. the items that are meant to be posted on the credit side of the trading account of the sole proprietor.13. the items that are meant to be posted on the debit side of the profit or loss account of the sole proprietor.14. the items that are meant to be posted on the credit side of the profit or loss account of the sole proprietor.15. the meaning of each items in the trading account16. the meaning of each items in the profit or loss account17. the meaning of each items in the statement of financial position / balance sheetIn this course you will also learn how to prepare;1. the Trading, Profit or Loss Account (Vertical and Horizontal Format)2. the Balance sheet (Vertical and Horizontal Format)

Overview

Section 1: Introduction

Lecture 1 Introduction to the course

Section 2: Format to Trading, Profit or Loss Account and Balance Sheet

Lecture 2 Trading, Profit or Loss Account Format

Lecture 3 Balance Sheet Format or Statement of Financial Position

Section 3: Solution to Question on Trading, Profit or Loss Account

Lecture 4 Solution to question on Trading, Profit or loss Account

Lecture 5 Solution to question on Balance sheet

Student who are willing to study accounts, Students undertaking an exam in Accounting or who want to just improve their accounting knowledge