Trading Account is first financial statement prepared by the owner of the enterprise to determine the gross profit during the year through the matching concept of accounting. The purpose of crediting the closing stock in the trading account is to find out the materials or goods consumed for trading purposes. In order to find out the total amount of goods or materials consumed during a year, three different components to be separately considered.
Profit & Loss Account is a second statement of accounting in connection with the earlier to determine the Net profit/loss of the enterprise out of the early found Gross profit/loss. Balance sheet is the third financial statement which reveals the financial status of the enterprise through the total amount of resources raised and applied in the form of assets.
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Accounts And Finance For Managers Tutorial
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