Question

What is the purpose of preparing trading and profit and loss account?

Answer 1

Answer:

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Answer 2

The purpose of preparing trading,profit and loss account is as follows:

•Trading Account is an account that is prepared to know the profit earned or loss suffered from trading activities.

•On the other hand, Profit & Loss account is an account created to know the net profit or loss for the period.

•For this purpose, the financial statement is prepared.