Question

what is mean by trading and profit and loss a/c? ​

Answer 1

Explanation:

Trading and profit and loss a/c means we calculate the business end year profit as at 31st March.

Trading A/C shows us Gross profit or loss .

And profit and loss a/c shows us net profit or loss .

Answer 2

Explanation:

Trading Account is an account that is prepared by the entities to know the profit earned or loss suffered from trading activities. On the other hand, Profit & Loss account is an account created to ascertain the net profit or loss for the period.

Hope Its Halpfull Answer.