Unit-14 Trading Account

In this unit you will learn what Gross Profit is, how it is ascertained and how a Trading Account is prepared.

Name any two items appearing on the debit side of a Trading Account

Name the two items appearing on the credit side of a Trading Account.

Give Journal entry by which closing stock is brought into books.

What do you mean by direct expenses?

Define Gross Profit. Explain with examples how 'Cost of Goods Sold' will be worked out.

What do you understand by Closing Stock? How is it valued and shown in the final accounts?

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