Explain manufacturing trading and profit and loss accounts
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TRADING ACCOUNT:- IT IS A ACCOUNT WHERE ENTRIES RELATED TO PURCHASE SALE AND DIRECT EXPENSES ARE RECORDED TO FIND GROSS PROFIT.
PROFIT AND LOSS ACCOUNT:- WHERE INCOME FROM OTHER SOURCES , LOSESS, PAYMENTS,SALARIES TO EMPLOYESS ARE RECORDED TO FIND NET PROFIT.
PROFIT AND LOSS ACCOUNT:- WHERE INCOME FROM OTHER SOURCES , LOSESS, PAYMENTS,SALARIES TO EMPLOYESS ARE RECORDED TO FIND NET PROFIT.
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