Answer / raja mohamed

tHE dIFFRENCE BETWEEN THE Profit Loss a/c is maintained the
indirect exenses and indirect incomes only . the gives the
net profit or net loss .

Trading A/c is Maintained the direct expenses and direct
incomes only. the gives the gross profit or gross loss.

Answer / saravanank

P & L reflects only expenses to make sales to customers, e.g administration expense like office stationery (bill books and invoices),transportation to sell (moving goods to customer place), office staff salaries to maintain books (i.e. Employees not labours, now understand??!)and marketting, etc only shown. It will show net profit if administrative cost are less than gross profit.

But trading reflects only expenses relating to making product, i.e direct cost, for making a product we have to spend for materials, labour cost, carriage inwards, transportation charges for materials inwards, etc... This will show gross profit only sales are more than cost of sales.

Answer / anu

trading account consist of indirect expenses and indirect
income. profit and loss consist of the direct expenses and
income.

PLEASE GIVE ME THE LIST OF ACCOUNT TYPES AND THEIR HEADS RESPECTIVELY.

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