explain me profit and loss account & Trading Account
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Profit & Loss Statement/Account is prepared for two main reasons. Trading account reflects the gross profit or loss of the business. Profit & Loss Account shows the net profit or loss earned by the company.
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Answer:
Profit & Loss Statement/Account is prepared for two main reasons. Trading account reflects the gross profit or loss of the business. Profit & Loss Account shows the net profit or loss earned by the company.
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