Topic Content:
- Trading, Profit and Loss Account
The trading, profit, and loss accounts are usually prepared periodically or at the end of a financial year which is usually one year by the owner of a business to ascertain the profits made or losses incurred from the trading activities of the organisation.
The profits and losses of the organisation can be categorised into two:
These are:
- Gross Profit or Gross Loss
- Net Profit or Net Loss
Trading Account:
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