Accountancy, asked by Zema9117, 6 months ago

What is meant by Balance Sheet, Trading Account and Profit & Loss Account? Why arethey prepared ?

Answers

Answered by heena603

Answer:

A business needs to prepare a trading and profit and loss account first before moving on to the balance sheet. ... The motive of preparing a trading and profit and loss account is to determine the revenue earned or the losses incurred during the accounting period.

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