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Trading & profit and loss account. The trading account shows the income from sales and the direct costs of making those sales. The following trial balance have been taken out from the books of. Trading and profit and loss accounts are useful in identifying the gross profit and net profits that a business earns.
You are required to prepare Trading and Profit and Profit and Loss Account Income Statement for the year ended May 31 st 2020 and Balance Sheet as on that date. The profit and loss account is the lower part of the trading profit and loss account and is used to determine the net profit of the business. A profit and loss account starts with the TRADING ACCOUNT and then takes into account all the other expenses associated with the business.
A trading account can be called an investment account which contains securities and cash. Trading and Profit and Loss Account. Prepare trading and profit and loss account and balance sheet.
In other words the profit and loss statement reports a companys revenues expenses and most of the gains and losses which occurred during the period of time specified in its heading. The motive of preparing trading and profit and loss account is to determine the revenue earned or the losses incurred during the accounting period. What is Trading Profit and Loss account.
Trading Account and Profit and Loss Account and Balance Sheet - An Example. A businesses main objective is to make a profit. Profit and Loss Account is different from Trading Account because Trading account shows only the gross profit while profit and loss account shows net earnings of the business firm.
From the following balances extracted from the books of X Co prepare a trading and profit and loss account and balance sheet on 31st December 1991. A trading account helps in determining the gross profit or gross loss of a business concern made strictly out of trading activities. Profit Loss Account is part of final accounts prepared by a business firm to know the net profit of the business activities during a particular period.
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