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financial statement version

Former Member
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hi,

in financial stament version .Profit:Net result:profit,Loss Net result:Loss and Profit and loss account:PL result nodes are there.PL result will give the difference of Income and Expenditure.what is the use of Net result :profit and Net result :loss.where i have to assign these nodes in financial statement version according to schedule 6 balace sheet in india.could u help me in this matter.

regards,

Nagaraju

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Answers (4)

Answers (4)

Former Member
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Hello

Pls check this

The profit (or loss) for the year

The profit (or loss) for the year is calculated automatically when you create the balance sheet and P&L statement. You do not have to make the traditional postings of debiting profit account and crediting the equity account (or crediting the loss account and debiting the equity account). The balance of the accounts assigned to the items Assets and Liabilities gives us the profit (or loss) for the year. Accounts displayed under the items Not Assigned und Fin. Statement Notes do not flow into the annual net profit/net loss for the year or into the P&L statement result. All other accounts are interpreted as P&L accounts. The system also determines the profit and displays it in the appropriate line of the profit and loss statement and equals the profit shown in the balance sheet if all relevant accounts are assigned. You do not have to close out the profit and loss statement accounts using a profit account.

· The profit (or loss) carried forward (retained earnings)

The profit (or loss) carried forward from previous years is taken from the retained earnings account (see the diagram above), provided you have assigned the account to this item in the financial statement version. The balance from the profit and loss statement accounts is carried forward to this account by the balance carry forward program. No document is created. The retained earnings account is balanced in the new year with the appropriation of net income.

Also check the link below:

http://help.sap.com/erp2005_ehp_02/helpdata/en/96/8b316043ce11d189ee0000e81ddfac/frameset.htm

Reg

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Former Member
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Hi

Gross profit = Sales - cost of goods sold

Operating Profit = Gross profit - Operating Expenses

This can be referred as "profit"

Net Profit = Operating profit - Nonoperating expenses + Non operating incomes

This may be called as "Net result"

Net result : Profit --> if incomes are more net result will be displayed here

Net result : loss --> if expenses are more net result will be displayed here

Radha

Former Member
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Hi Naga raju

you are right in saying that P+L result will give the difference of Income and Expenditure. this would be in your P&L statement.

this balance need to be carried to the balance sheet in liabilities side if it is profit or to the asset side if it is loss (if required) or in both cases you can display this under the group reserves and surpless.. to do this the nodes

Profit:Net result:profit,Loss Net result:Loss are help full you have to assign this nodes in the balance sheet under reapective groups/nodes where the customer wants to see

hope this solves your problem

assign points if found usefull

thanks and regards

GKK

Former Member
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hi,

thanks for your replay.for my case pl result displaying difference of income and expenditure.but net result :profit is displaying the diffarence of assets and liabilites.it has to display same balance of pl result only.could u clarify this issue.i assigned net result:profit under reserves and surplus node.

Former Member
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HI

assing net result :loss also to the reserves and surpluss or any group as required by the client.

if the above node is still not assigned that could be the reason..

pls check it once done and let me know in case of any issues

thanks and regards

GKK

Former Member
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hi,

i assigned net result:profit and net result:loss under resereves & surplus still iam getting same problem.otherwise could u give your mail id i will send a screen shot.

regards,

Nagaraju

Former Member
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hai,

It is predefined. There is no need to assign your P&L GL number. I automatically derived from expenses and incomes.

govind.