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Introduction to Financial Statements

What is the p...

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What is the purpose of preparing Trading and Profit and Loss account?

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Solution

Trading and Profit and Loss account is prepared to determine the profit earned or loss sustained by the business enterprise during the accounting period.

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What is the purpose of preparing trading and profit and loss account?

Q. Steps of preparing Final Accounts is -
(a) Trading Account
(b) Profit and Loss Account
(c) Balance Sheet

Q. Which of the following principle/s must be kept in mind while preparing Trading and Profit and Loss Account?

Trading & Profit & loss account and balance sheet is prepared from:

Q. While preparing trading and profit and loss a/c _________ is made.

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