Lesson 9:: Trading A/c, P & L A/c and Balance Sheet

Trading A/c, P & L A/c and Balance Sheet

Caption: The trading account shows the revenue and expenses related to buying and selling goods, while the P&L account shows the total revenue and expenses incurred by the business during a period, including operating expenses.

The balance sheet provides a summary of a business's assets, liabilities, and equity, and it reflects the financial position of the business at a specific point in time. It is a useful tool for analyzing a business's financial health and determining its ability to meet its financial obligations.

Keywords: Trading account, revenue, expenses, gross profit, P&L account, net profit, net loss, revenue, operating expenses, balance sheet, assets, liabilities, equity, financial position, financial health, financial obligations.

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This Video will help you to understand in an easy way the concept of Trading account, Profit and Loss account and Balance sheet.