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Written down Value Method(WDV)

Select the mo...

Question

Select the most appropriate alternative from those given below:
Gross Profit or Gross Loss is transferred to _______ Account.

A

Profit and Loss

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B

Trading

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C

Profit and Loss Appropriation

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D

None of these

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Solution

The correct option is A Profit and Loss
Trading account is prepared to know the profit earned by the firm through the trading activity. Trading account is prepared by considering only direct expenses. Gross Profit depicts the direct profit earned by the firm through trading of goods.

Gross Profit or Gross Loss is transferred to profit & loss account.

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