Write Short Note on Trading A/c, Profit & Loss A/c
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The trading account gives information related to profit earned or loss through various trading activities. Whereas the profit and loss, account determine the net profit or loss for the period. Trading and P&l accounts are used to calculate the gross profit and net profit of the organization.
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Answer: A trading account helps in determining the gross profit or gross loss of a business concern, made strictly out of trading activities. Trading involves buying and selling activities. Items included on the debit side are opening stock, purchases, and direct expenses and on the credit side are sales and closing stock.
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