Question

which account is a part of profit and loss account ?​

Answer 1

Answer:

Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period (i.e. Profit or loss). Reported income and expenses are directly related to an organization's are considered to measure the performance in terms of profit & loss.21-Nov-2019

Direct Expenses: It means all those expenses ...

Opening Stock: This includes the closing bala...

Gross Profit: If the credit side of trading A/c is g...

Purchases: The amount of purchases made du..                                                      In the trading account, the cost of goods sold is subtracted from net sales for the period to calculate gross profit. Only direct revenue and direct expenses are considered in it. Trading account is prepared mainly to know the profitability of the goods bought by the businessman.                  

Explanation: