Waku39 (Sales man) (61 Points)
29 November 2020I have to start learning profit and loss and balance sheet from next class on wards .
Can someone tell me what are all the items in trading , profit and loss and balance sheet are ?
Do we use the trial balance to prepare the trading , profit and loss and balance sheet ?
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 29 November 2020
Trading account should be stopped in accounts. Is your text book still trading accounting? It’s Indas now a days. Nothing big about trading account- all items which come before the operating profit EBIT are called as trading account.
They include:
Sales and returns
Purchases and returns
Inventory opening and closing
Wages and all overheads
Depreciation and other expenses will come under pl
Waku39
(Sales man)
(61 Points)
Replied 29 November 2020
Thanks for the reply ...
So these are all the items in it ,
Trading account ,
Direct expenses
opening stock
closing stock
purchases
purchase returns
sales
sales returns
Profit and loss account ,
Indirect expenses
Indirect incomes
Balance sheet Account ,
Asset
liability
capital
:)
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 29 November 2020
Yes! This is sophisticated enough
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