Question

tell me the answer for trading and profit and loss account and balance sheet ​

Answer 1

Explanation:

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Answer 2

Answer:

Accountancy > Accounts from Incomplete Records > Preparing Trading and Profit and Loss and Balance Sheet

Accounts from Incomplete Records

Preparing Trading and Profit and Loss and Balance Sheet

Preparing a trading account is the first stage in of final accounts of a trading concern. It determines the gross profit or gross loss of the concern for that accounting year. For determining the true result or the net result of the business, preparing the Trading and Profit and Loss account is necessary. We prepare these accounts on the last day of the accounting year. We consider only direct revenue and direct expenses in this account.

Objectives of Business

Levels of Management

Preparing Trading and Profit and Loss and Balance Sheet

Preparation of Trading Account

For preparing Trading and Profit and Loss Account we need complete information regarding expenses, incomes, assets and liabilities of the concern. In incomplete records, some details are given and some are missing. Thus, we need to ascertain the missing details in an indirect manner by using the logic of double-entry.

The most common items that are missing and we have to find out for preparing Trading and Profit and Loss Account are:

Opening capital

Credit Purchases

Credit sales

Bills payable accepted

Bills receivable received

Payments to creditors

Payments to debtors

Any other cash/bank related items