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What are the Trading A/c Components and let explain about
Trading account and Profit & Loss Account
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Answer / r.m.rafi
trading A/C it is prepare to asertain the grass profit or
grass loss
profit& loss A/C main object of P&L A/C is to asertain the
net profit or net loss made by the business for a
particular period.
| Is This Answer Correct ? | 24 Yes | 7 No |
Answer / dayakar
Where the business deals with selling and purchasing of
goods,trading account is prepared,it is prepared to know the
gross profit or loss.the components are (opening
stock,purchases,direct materials,wages,carriage or freight
inwards,power&fuel,factory lighting,factory rent&rates,sales
sales returns,purchase returns,closing stock.
p&l account records all other expenses and incomes related
to the running of the business such as selling and
distribution expenses,administrative expenses,other incomes.
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / nitesh
trading means sales and purchase to find out gross
profir/loss.
P/L a/c means income and expenses through find out Net
profit/loss.
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / ankush gandhi
Trading account is prepared mainly to know the
profitability of the goods bought (or manufactured) sold by
the businessman. The difference between selling price and
cost of goods sold is the,5 earning of the businessman.
Thus in order to calculate the gross earning, it is
necessary to know:
(a) cost of goods sold.
(b) sales
The aim of preparing profit & loss account is to find out
net profit or net loss.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / anil
trading means purchase the goodes services , sale is
selling cost of then gross profit
profit & loss a/c is how is the income in the firm
| Is This Answer Correct ? | 9 Yes | 15 No |
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