Question

Why do you prepare Trading and Profit and loss Account?​

Answer 1

Answer:

Trading and profit and loss accounts are useful in identifying the gross profit and net profits that a business earns. The motive of preparing trading and profit and loss account is to determine the revenue earned or the losses incurred during the accounting period.

Answer 2

Answer:

Trading and profit and loss accounts are useful in identifying the gross profit and net profits that a business earns. The motive of preparing trading and profit and loss account is to determine the revenue earned or the losses incurred during the accounting period.

Explanation:

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