Where do you transfer the profit you get in P&L a/c?

Question

Accepted Answer

The profit in the P&L a/c is transferred to the retained earnings account.

Profit is transferred to the retained earnings account to reflect the accumulated profits of the company.
Retained earnings account is a part of the equity section on the balance sheet.
The transfer is done at the end of the accounting period.
Retained earnings can be used for reinvestment, dividends, or other purposes.
Example: If a company has a profit of $100,000 in the P&L a/c, it will be transferred to the retained earnings account.

Accepted Answer

in Accounting ,the profit or loss from P&L  IS Transferd to the Balance Sheet AS follows:

1.if there is as profit :
the net profit from the p&l a/c is transfered to the retained earnings or reserves & surplus in the equity shareholders funds section of the balance sheet.

2.if there is loss :
the net loss is deducted from retained earnings or adjusted against past profits

Accepted Answer

Retained earnings account

Accepted Answer

At the end of the financial year, net profit or net loss will be moved to a capital account in the balance sheet statement. 2. Balances of SAP balance sheet accounts will be carried forward to the next financial year. Balances of SAP profit and loss accounts will be moved to the retained earnings account

Accepted Answer

We transfer it to Retained Earnings Accounts

Where do you transfer the profit you get in P&L a/c?

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Where do you transfer the profit you get in P&L a/c?