what happens with prepaid and accrued expenses in trading, profit and loss accounts?

Answer 1

Prepaid and accrued expenses are treated differently. If an expense is prepaid, the prepayment goes to current assets in the balance sheet and nothing goes to the profit and loss a/c till the expense has been used up. Then you reverse it from current assets to expense a/c in the P/L. Let's say it's October and you've paid November's rent in advance. You:
Dr Prepaid rent
Cr Cash

On Nov 30, you:
Dr Rent expense
Cr Prepaid rent

Accrued expenses on the other hand has the debit in the P/L with the credit (accrued expenses) in current liabilities in the balance sheet. Let's say it's end Oct and you still have not paid your Oct rent. You:
Dr Rent expense
Cr Accrued rent (or rent payable)

When you actually pay the rent, you:
Dr Accrued rent
Cr Cash

Answer 2

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Answer 3

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Answer 4

Open two separate accounts - one for accruals and the other for prepayments - and, for instance, if you make an accrual for unpaid telephones, Dr. Telephones & Cr. Accruals. Likewise, if you prepay rent; Dr. Prepayments and Cr. Rent.
These items are then included in the correct period's P & L and can be reversed out in the following period so that when the telephone charge actually occurs, you've got the corresponding credit sitting in the account, waiting to offset it!
Hope this makes some sense.

Answer 5

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Answer 6

earnings and loss eh? by way of fact... ... i think of i'm in all threat "lost" on the question. i think of, by way of fact, for my section, earnings and loss is purely favourite working technique of the enterprise no remember if their operation are in earnings and loss.