Question

Explain the distinction between trading a/c profit and loss a/c and balance sheet

Answer 1

Answer:

please open this link

Explanation:

https://keydifferences.com/difference-between-trading-and-profit-loss-account.html

Answer 2

Explanation:

Trading account determines the gross profit or loss for the accounting period. ... The balance of the trading account is transferred to the trading account, whereas the balance of profit &loss account is taken to capital account, in the Balance Sheet.Trading account is a summary of all direct revenue and direct expenses.