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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 / 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 |
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