Statement 1:
"Trading Account is like a statement which is divided in two parts i.e. Income part and Expenditure Part."
Statement 2: "Income and Expenditure A/c is same as P&L A/c."
So this means :
Trading A/c = I&E A/c = P&L A/c.
Is this true?? I mean, Do all 3 have the same meaning..?
CAclubindia
