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Answer Posted / ayyalusamy
Trading account is prepared to arrive gross profit by (sales
+closing stock ) minus all direct / manufacturing / Trading
expenses.
where as P&L account gives net profit of the company, it
shows gross profit and other income in credit side and all
indirect expenses, loses and provisions in debit side.
In total Trading account shows cost of the product at which
goods lying at factory, where as P& L account shows cost of
the product on sales point.
| Is This Answer Correct ? | 7 Yes | 1 No |
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