Trading & Profit & Loss Account is the result of posting of _____________.

Operating entries

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Closing entries

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Adjusting entries

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Transfer entries

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Solution

The correct option is B Closing entries
Closing entries are the entries that are necessary to be transferred in the final accounts to close all the other accounts. Hence, trading and profit and loss account are a result of closing entries.

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Similar questions

A Statement of Affairs is similar to the :

(a) Balance sheet
(b) Trial balance
(c) Trading Account
(d) Profit & Loss Account

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