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The profit and loss account is the lower part of the trading profit and loss account and is used to determine the net profit of the business.
What is a trading profit and loss account. PL account is a component of final accounts. Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period ie. In the trading account the cost of goods sold is subtracted from net sales for the period to calculate gross profit.
Reported income and expenses are directly related to an organizations are considered to measure the performance in terms of profit loss. Trading Account provides information on gross profit or gross loss. The balance is transferred to the capital account.
Profit loss account is an account representing the actual profit earned or loss sustained by the business during the accounting period. Profit Loss Account is part of final accounts prepared by a business firm to know the net profit of the business activities during a particular period. The trading and profit loss account and balance sheet prepared at the end of a year is known as Final accounts.
It ascertains net profit for a period. As the name suggests it includes all the trading activities conducted by a business to ascertain the Gross ProfitLoss. Timing Trading Account is prepared first and then profit and loss account is prepared.
Profit and loss account Represents profit earned or loss sustained. Profit and loss account or Income statement is used to find the net profitloss of the business for an accounting period. Profit and Loss Account.
Trading account is a nominal account in nature. It is prepared to determine the net profit or net loss of a trader. Introduction The Trading Profit and Loss Account is one of the Final Accounts drawn up by a business showing trading activities for one year It enables the owner of the business to determine the amount of profit the business is making for one year It has 2 constituent parts.
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