Items Include In The Credit Side Of Profit and loss Account

Following items are included in the credit side of profit and loss account

1. Gross Profit

Gross profit is transferred from trading account and it is the beginning item of profit and loss account.

2. Non-trading Income

Interest received from bank,incomes received from outside investments like share and debenture are known as non-trading incomes.

3.Other incomes

Those incomes other than income from sale of goods are called other income. Discounts or commission received are the examples of other income.