How to separate transactions of trading account, profit and loss account and balance sheet?
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nominal account - accounted in trading and profit and loss account
Personal And read account - accounted in balance sheet
Purchases , sales, direct expenses of business , direct incomes and stock disclosed in trading account
all indirect expenses and income are accounted in profit and loss A/c
Hope its useful..!!!
Personal And read account - accounted in balance sheet
Purchases , sales, direct expenses of business , direct incomes and stock disclosed in trading account
all indirect expenses and income are accounted in profit and loss A/c
Hope its useful..!!!
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