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A Trading Account and a Profit and Loss Account.

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Distinguish between A Trading Account and a Profit and Loss Account.

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Trading Account Profit and loss Account
Trading account is prepared to calculate the gross profit (or loss).The result of the trading account in the form of gross or gross loss is transferred to profit & loss account. Profit & Loss account is prepared to calculate net profit made or net loss incurred by a business enterprise for a given accounting period. The form of transferred to capital account.

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