Hello all.... This is my first post....just started learning accounting......I have a very basic question which has been torturing me for days.....
How can we debit loss by fire directly to trading or p & l account?
Are trading account/p & l account just like ledger accounts...I know every transaction affects two accounts....like cash and building, cash and notes payable etc....Can esome transactions affect cash and trading account, or building and p&l account?
And which type of account is trading account....asset, liability or revenue/expenses/capital?
CAclubindia
