Final Accounts of a Proprietary Concern



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Contents

Important terms of Trading Account


Description: Gross Profit, Net Sales, Cost of Goods Sold (COGS), Opening Stock, Closing Stock, Direct Expenses, Sales Revenue, Purchases etc.


Illustration - 1 (Trading Account)


Description: Solution of Illustration - 1 (Trading Account)


Profit and Loss Account


Description: The Profit and Loss Account summarizes revenues and expenses to determine net profit or loss, showing financial performance.


Illustration - 2 (Profit and Loss Account)


Description: Solution of Illustration - 2 (Profit and Loss Account)


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