Q1 of 15 Page 157

Fill in the blanks with appropriate words in the following sentences:

The profit earned by Trade is transferred to ___________account.


Profit and loss

Explanation


Profit and loss account contains the Gross Profit or Gross loss incurred by the firm brought down from the trading account and contains the profit or loss of the non-trading items.


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The difference between Assets and Liabilities of a Trade is called ______________.