can anubody tell me why price difference gl account is operates in p&l account
Sign up for STechies
actully as per the accounting rules incomes,profits are debited and expencess,losses are credited, these foure concepts comes in p&l account while preparing the final accounts. price difference if it is loss it will come in credit side, if it is profit it willl come in debit side. it is compleatly related to p&l account
As per Accounting terminology as of IAS (i.e.Indian Accounting Standards) the P&L Account have the below terminology:
1) Expenses, Losses must be in Debit to P&L A/c
2) Profits, Gains must be in Credit to P&L A/c
All the site contents are Copyright © www.stechies.com and the content authors. All rights reserved.
All product names are trademarks of their respective companies. The site www.stechies.com is in no way affiliated with SAP AG.
Every effort is made to ensure the content integrity. Information used on this site is at your own risk.
The content on this site may not be reproduced or redistributed without the express written permission of
www.stechies.com or the content authors.