Trading, Profit and Loss Accounts, Balance Sheet

Gross Profit=Sales Revenue-Sales Return-Cost of SalesProfit for the period=Gross Profit+Income-Expense

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Profit or Loss Account

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Trading accounts are financial statements prepared at the end of the accounting period to find the gross profit/lossProfit and loss account are financial statements prepared at the end of the accounting period to find the profit/loss for the periodBoth accounts are extracted from trial balances

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Trading Account

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Balance Sheet

Closing of Accounts

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