why is accrued income not included in trading account?
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Under the accrual basis of accounting, accrued income is recorded with an adjustment entry prior to issuing financial statements. ... Hence, the amount of accrued income will be added to the related income in profit and loss account and new account of accrued income will appear on asset side of balance sheet.
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Answer:
Under the accrual basis of accounting, accrued income is recorded with an adjustment entry prior to issuing financial statements. ... Hence, the amount of accrued income will be added to the related income in profit and loss account and new account of accrued income will appear on asset side of balance sheet.
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