This is a list of items some of which would normally be found in a Profit and Loss account.
Which items should not be in this list, and why?

 [a] Rent                        [g] Purchases
 [b] Wages                     [h] Loan from Mary
 [c] Capital                     [I] Electricity
 [d] Sales                        [j] Stock
 [e] Cash in Hand          [k] Stationery Costs
 [f] Cost of Goods Sold  [l] Office Machinery

Answer to profit and loss questions
 
 

Profit and loss items  is a list of income and expenditure recorded for an accounting period to show profit or loss earned during that period	Balance sheet items  show the accounting value of all assets and liabilities at one point in time
rent  wages  sales  cost of sales = cost of goods sold  purchases  electricity  stock  stationery costs	capital   cash is a current asset  loan is a liability  closing stock is a current asset which also appears on the profit and loss account  office machinery is a fixed asset