Final accounts

[Joshua_Jagernauth]

Could someone PLEASE explain to me what are miscellaneous expenses.
I want to know which account it has to go in (trading and profit and loss or balance sheet) Please help me I want to pass Principles of Accounts. I tried to work it but I don't see to understand please help me.
Thanks you.

 

[kirby]

Those are in profit and loss statement

 

[Joshua_Jagernauth]

Those are in profit and loss statement

Oh yeah it's a expense that you need to subtract from the gross profit + revenue
THANK YOU SO MUCH KIRBY

 

[ashakantaxharma]

If these Miscellaneous Expenses are directly related with production and Sale then it will be debited to Trading Account. If these are indirectly related to Sales then it will find its place in Profit and Loss Account.

 

[Joshua_Jagernauth]

Those are in profit and loss statement

Thanks one more thing when do you do when there is a bank overdraft?
Does it have to be on the credit side?

 

[ashakantaxharma]

Interest paid on Bank Overdraft should be debited to Profit and Loss Account and Bank Overdraft having credit balance will find its place in Liability Side on the Balance Sheet and if by chance it is having a Debit Balance for the business, it will appear in the Asset Side on the Balance Sheet.

Hope it is clear now.
Thanks and have a great time ahead.