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Page 1 Trading Profit and Loss Account Page 2 Trading Profit and Loss Account Income Statement • Statement showing the revenues, expenses • To know the Income generated in a period • It depicts a business entity's financial performance due to operations as well as other activities Page 3 Trading Profit and Loss Account Income Statement • Statement showing the revenues, expenses • To know the Income generated in a period • It depicts a business entity's financial performance due to operations as well as other activities Income Statement • Trading Account • Profit and Loss account Page 4 Trading Profit and Loss Account Income Statement • Statement showing the revenues, expenses • To know the Income generated in a period • It depicts a business entity's financial performance due to operations as well as other activities Income Statement • Trading Account • Profit and Loss account Trading account • First section of Income Statement • Find out the Gross profit Page 5 Trading Profit and Loss Account Income Statement • Statement showing the revenues, expenses • To know the Income generated in a period • It depicts a business entity's financial performance due to operations as well as other activities Income Statement • Trading Account • Profit and Loss account Trading account • First section of Income Statement • Find out the Gross profit Gross Profit • It is the profitability of the goods bought or manufactured, sold by the firm • Sales – Cost of Goods soldRead More
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FAQs on PPT - Trading account - Accountancy and Financial Management - B Com
| 1. What is a trading account in B Com? |  |
Ans. A trading account in B Com is a financial statement that records all the buying and selling activities of a business related to its trading operations. It includes the opening and closing stock, purchases, sales, and other expenses and incomes directly related to trading.
| 2. What is the purpose of a trading account in B Com? | |
Ans. The purpose of a trading account in B Com is to determine the gross profit or loss made by a business from its trading activities. It helps in assessing the profitability and efficiency of the business in buying and selling goods.
| 3. How is the gross profit calculated in a trading account? | |
Ans. The gross profit in a trading account is calculated by subtracting the cost of goods sold from the net sales. The cost of goods sold includes the opening stock, purchases, and any direct expenses related to the purchase of goods. The formula for gross profit is: Gross Profit = Net Sales - Cost of Goods Sold.
| 4. What does the trading account reveal about a business? | |
Ans. The trading account reveals several important aspects about a business. It shows the net sales, cost of goods sold, gross profit or loss, and the trading expenses. It helps in evaluating the efficiency of the business in generating sales and controlling the cost of goods.
| 5. How is the trading account different from the profit and loss account in B Com? | |
Ans. The trading account focuses only on the buying and selling activities of a business and calculates the gross profit or loss. On the other hand, the profit and loss account includes all the trading activities as well as other income and expenses of the business. It calculates the net profit or loss after considering all the revenues and expenses.
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