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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 Posted / 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.
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