Question

Difference between trading
A/c and Profit and loss A/c ?​

Answer 1

• Trading Account is an account that is prepared by the entities to know the profit earned or loss suffered from trading activities. On the other hand, Profit & Loss account is an account created to ascertain the net profit or loss for the period

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Answer 2

Answer:

The difference between a Trading Account and a Profit and Loss Account is that Trading Account depicts the gross profit earned or gross loss sustained due to the company activities conducted, while the Profit and Loss Account is a statement that indicates the net profit generated or net loss incurred from running the business.

Explanation:

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