All expenses, losses, incomes and gains are the components of Profit and Loss Account:

Expenses and losses are shown on the debit side of Profit & Loss Account. Following is the list:

Administrative Expenses:

* Office Salaries

* Postage & Telephone

* Traveling & Conveyance

* Legal Charges

* Office Rent

* Depreciation

* Audit Fees

* Insurance

* Repairs & Renewals

Selling and Distribution Expenses:

* Advertisement

* Carriage Outward

* Free Samples

* Bad Debts

* Sales Commission

Incomes and Gains are shown on the credit side of the Profit & Loss Account. Following is the list:

Gross Profit (balance forwarded from the Trading account)

Other Income:

* Discount received

* Commission received

* Non-Trading Income

* Interest received

* Bad Debts recovered

* Rent received

* Profit on the sale of assets