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Why is Trading Account prepared ? Or ...

Why is Trading Account prepared ?
Or
What do we come to know by preparing the Trading Account?

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Trading Account is prepared to know by prepared to know gross profit or gross loss during the accounting year
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TS GREWAL-FINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP-very short answer type questions
  1. Give two examples of Revenue Receipts

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  2. What is Trading Accounts?

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  3. Why is Trading Account prepared ? Or What do we come to know by pr...

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  4. Name any two items that are credited to the Trading Account

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  5. Name any two items that are debited to the Trading Account

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  6. Trial Balance has an item 'Salaries and Wages'. To which account will ...

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  7. If 'Adjusted Purchases' and 'Closing Stock' are given in the Trial Bal...

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  8. If credit side of a Trading Account is bigger than the debit side, doe...

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  9. If debit side of a Trading Account is bigger, does it mean the enterpr...

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  10. How is Returns Inward shown in the Trading Account

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  11. What are Direct Expenses?

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  12. Give two examples of Direct Expenses

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  13. Give a formula to calculate the 'Cost of Goods Sold'

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  14. Net Sales during the year 2011 is Rs 2,85,000. Gross Profit is 25% on ...

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  15. From the following, calculate Groos Profit and Cost of Goods Sold: N...

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  16. What is meant by Indirect Expenses ?

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  17. What is the principle of valuation of inventory ?

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  18. What is Profit and Loss Account ?

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  19. give any two items that are credited to Profit and Loss Account

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  20. give any two items that are debited to Profit and Loss Account

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