Answer / pranjal

differance between p/l a/c and trading a/c means

Trading a/c is that a/c which includes only trade related
a/cs like purchase,sales and all those epenses which
incurred only from trade.

But in Profit and Loss a/cs there is the all
direct/indirect income/expenses are to be recorded which
not related to the pure trade.

Answer / shanmuga priya

The difference between p/l a/c and Trading a/c is that in
Trading a/c direct income and expenses are entered such as
opening stock, purchases, freight charges , sales, closing
stock.

in Profit and loss a/c. indirect expenses and income are
recorded such as depreciation, salary, rent, commission
received,

Answer / harpreet

The trading a/c is an account which is prepared to show the results of gross profit and gross loss during an accounting period..

A profit and loss a/c is an account which is prepared to show the result of net profit and net loss for a particular time of period....

Answer / pradeep

difference between trading & P&l a/c is trading account is
show all trade related expenses & Incomes & gross profit
but P&L a/c show Net profit of a co. or firms it show all
typs of income & Expenses .

Answer / janardhan

differance between p/l a/c and trading a/c means

Trading a/c is that a/c which includes only trade related
a/cs like purchase,sales and all those epenses which
incurred only from trade.

But in Profit and Loss a/cs there is the all
direct/indirect income/expenses are to be recorded which
not related to the pure trade. trading account profit add
in p & L a/c, trading account loss less from P&L a/c

Answer / sornavalli

trading account
prepared to know the trading results of the company
to find gross profit of a specific period
sales - cost of goods
p/l accounts to find the net profit of the concern
allows to enter indirect exp &incomes
prepared from nominal accounts and transvered to capital
accounts

Answer / pradnya

Trading A/C means which includes all direct and indirect
expenses and incomes. and which also includes
Dr. Trading Account Cr.
______________________________________________________________
Opening Stock Sales
+ Purchases - Sales Returns
- Purchase Returns
Direct Expenses
(Factory related Exps
such as wages,electricity use Closing Stock
for manufacturing etc)

Answer / sachin

trading accounts records all income or expence which is
inccured for trading.like purchase, sale ,carrige,wages
closing stock,it shows gross profit and loss

put the p/l records all indirect or directs exp or
indirects expence......it shows net profit which goes to
add in capitail in balance sheet

Answer / suraj

TRADING ACCOUNT IS PREPARED BY TRADER AND TRADING ACCOUNT
IS PREPARED TO ASCERTAIN THE GROSS PROFIT OR GROSS LOSS
G.P.=SALES -COST OF GOODS SOLD
THE NEXT IN THE PREPARATION OF FINAL ACCOUNTS IS THE
PREPARATION OF P&L A/C . IT IS OBSERVED THAT SOME ITEMS OF
REVENUE NATURE WILL BE TAKEN IN TRADING A/C AND REMAINING
ITEMS TAKEN IN P&L A/C THERE FORE TO ASCERTAIN NET PROFIT
OR NET LOSS

Answer / mubashshir

TRADING ACCOUNT IS MADE BEFORE PROFIT AND LOSS ACCOUNT WITH ALL EXPENSE REALTED TRANSACTION AND TO FIND OUT GROSS PROFIT AND LOSS

PROFIT AND LOSS ACCOUNT IS PREPARED AFTER TRADING ACCOUNT AND BEFORE BALANCE SHEET DIRECT/INDIRECT INCOME/EXPENSES ARE TO BE RECORDED WHICH ARE NOT RELATED TO THE PURE TRADE.

Salaries and wages per general ledger is 288,000 of which 56,500 is paid in advance. Req: Prepare adjusting journal entries from the books of audrey company as of dec 31 09. (pls help me with this, I'm a bit slow but willing to learn, thanks!)

1 Answers  

Scheme is given by a company to his distributors on sale of goods, what is the treatment of this scheme distributors hand Direct income or indirect income

0 Answers  

While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result (a) Previous year’s profit is overstated and current year’s profit is also overstated (b) Previous year’s profit is understated and current year’s profit is overstated (c) Previous year’s profit is understated and current year’s profit is also understated (d) Previous year’s profit is overstated and current year’s profit is understated

0 Answers  

what is amortization?

3 Answers  

when we debit any party in our account?

7 Answers   Syntel,

What are the fictitious assets?

0 Answers  

HOW CAN WE CONVERT IN CFT TO A ROUND LOG??

0 Answers  

HOW DOES THE ROLE OF THE MANAGEMENT ACCOUNTANT COMPLIMENT THAT OF THE FINANCIAL ACCOUNTANT

0 Answers  

what is the meaning of contra, give the example

5 Answers  

I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 -300000 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?

0 Answers  

What are the transactions and journal entry involved when a customer makes purchase or does payment for his own consumption or purpose through debit card?

2 Answers  

My question is on Opening & Closing Stock Suppose Closing stock of 2014-15 is Rs 30 lakhs & Also we filed return & ROC too for 2014-15. Opening stock for 2015-16 should be Rs 30 lakhs but we found that some purchase for feb & March 2015 Stock has been entered in tally Its taken directly to purchase split of stock not made & in sales to same of 2 lakhs no split of stock is shown. Those stock need to make changes in 2015-16 what was the process ? And what will be adjustment entry ?

0 Answers