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The field of accounts is not easy as it covers a wide range of essential matters related to the business. Students stuck with assignments on the given topic can take Profit and Loss Account assignment help from the best Australian writers of BookMyEssay. 

The qualified academic writers at BookMyEssay help students in creating reports that can provide a clear view of the financial structure of a business enterprise. Through professional assistance and proper academic writing guidance on subject matter students can successfully complete their Profit and Loss Account assignment and achieve good grades in their academic curriculum.

A Brief Overview on Profit and Loss Account

The Profit and Loss Account of a business enterprise is prepared to report the expenses and revenue incurred by the business over a specific time period and the net income generated. The statement or report that is prepared in the account section is referred to as the Profit and Loss account or the Profit and Loss Statement.

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For the efficient functioning of a business enterprise it is important to maintain proper records of the various expenses and revenue. The expense of the business when deducted from its income gives the net profit for the company after accounting for different taxation and other expenses.

Students who are required to prepare case study assignment on Profit and Loss Account topic need to have an in-depth understanding to record every transaction with precision. This can only be possible when they take Profit and Loss Account assignment help from the experienced professionals of BookMyEssay.

Limitations of the Profit and Loss Account

Some of the limitations associated with the Profit and Loss account are as follows –

  • The account is prepared for a certain period of time and hence is considered as an interim statement. The true and fair view of the enterprise can only be obtained when the profit and loss accounts for a longer time period is considered. However, this is practically not possible as all business accounts are prepared on a going concern basis. To arrive at the estimate profit or loss the accountant has to make certain assumptions and uncertainties surrounding the company’s future which may not always hold good.
  • The profit or loss posted in the Profit and Loss account is not absolute but relative and is recorded based on various accounting concepts and conventions which may not hold true for all business entities. Some of the presumptions include calculation of the expired costs, depreciation, and the method followed for revenue recognition.

The better the presumptions made by the accountant the higher will be the chances of estimating a more accurate profit or loss for the business. This can only be possible when you have experienced and qualified assignment providers like BookMyEssay by your side to assist you throughout the entire process and offer Profit and Loss Account assignment help to you.

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Objectives of Profit and Loss Account

There are several objectives of preparing a Profit and Loss Account which can only be known with precision after buying assignment help with Profit and Loss Account subject from BookMyEssay. The objectives are as follows –

  • Making necessary entries of debit and credit.
  • Identifying the cost and expenses of the business enterprise.
  • Writing off provisions.
  • Deducting of taxes.
  • Finding of shareholder’s equity.
  • Recording the assets and liabilities of the business enterprise in the form of Balance Sheet.
  • Preparing the Cash Flow Statement.

All these records are prepared for a specified time period for which the account of the enterprise is being prepared.

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