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1. Trading account is prepared so as to calculate gross profit or loss, whereas the function of the profit and loss account is to disclose net profit or loss.
2. Trading account deals along with the sales and cost of goods sold that includes direct expenses. But the loss and profit account deals along with indirect expenses as administrative and financial expenses and similar is charged against gross profit and the other revenues.
3. The outcome of the trading account in the form of gross profit or loss is transferred to profit and loss account whereas the result of profit and loss account in the net profit or loss is moved to capital account.
To finish this scenario, use the Sample Size Estimator Sheets A, B of this file. In the previous years of the twenty-first century, annual salaries for federal employees in the
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
These comprise goods purchased only for production and selling purposes. Goods utilized as assets and not for sale are not comprised in this head. Net purchase is the dissimilarity
Standards at International Level: In view of the development of international trade and multinational enterprises, the requirement for standardization at the international level w
Accounting Concepts: The dual aspect principle has specific relevance to balance sheet. According to this principal, every transaction is concerned as one that has dual ef
Inventory Within a trading firm, inventory is merchandise held for sale to customers into the ordinary course of business. In condition of manufacturing firms, inventory would
Formed under the Securities and Exchange Act of 1934 the SEC (Securities and Exchange Commission) is a government agency that administers important acts dealing with the interstate
the relevance of standard costing
Organize the Trading Account from the subsequent details: Office Rent Rs. 5,000;Purchases Rs. 80,100; Opening stock Rs.25, 000; Stock at the end Rs. 15,000; Carriage Inward Rs.
Trading account is ready to ascertain the Gross Profit and Loss of a firm; here Gross Profit is the excess of total revenue over cost of goods sold as the credit side of the tradin
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