To which account Gross Profit transferred? (Answer in one sentence)
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Heya user ✨✨
It transferred in Profit and loss account.
It transferred in Profit and loss account.
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Answer:
Profit and loss account
Explanation:
Gross profit is transferred to the credit side of profit and loss account. Gross profit is the credit balance of A trading account.
The credit balance of a trading account depicts the profit earned due to the trading activities of a business. This profit appears on a company's income statement and it can be calculated by subtracting the goods sold from the revenue.
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