O What is Trading & Profit & Loss Account?
Answers
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Enample:- Any movie, News , Any flim star , song.
*Profit:- The financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Example:- When you buy a book on ₹100 then you sold the book on ₹120. you got the profit ₹20.
*Loss:- The any financial lose,loss in fact or process of losing something or someone.
Example:- when you buy a book ₹100 then you sold in ₹90 then you in loss of ₹10.
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Answer:
Trading and Profit and Loss Account. ... Trading account is the first part of this account and it is used to determine the gross profit that is earned by the business while the profit and loss account is the second part of the account which is used to determine the net profit of the business.