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Waku39 (Sales man)     29 November 2020

What are the items in trading , profit and loss and balance sheet ?

I 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 ?



 4 Replies

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     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

Waku39 (Sales man)     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

 

:)

1 Like
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     29 November 2020

Yes! This is sophisticated enough 

Waku39

Waku39 (Sales man)     29 November 2020

OK ,

 

Thanks a lot for the replies

 

:)


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