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Trading account

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Trading account Empty Trading account

Post by sonushilpakar Fri Jul 20, 2012 5:18 pm

It is a nominal account, which is prepared at the end of accounting year.Trading account is the first step of the final account.It helps to know the gross profit or gross loss.

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Post by pranish_stha Fri Jul 20, 2012 6:38 pm

Trading account is the initial account for preparing final account. It shows all the incomes and expenses while manufacturing and buying and selling of goods. The gross profit is added in credit side of profit loss account and gross loss is recorded in debit side of profit loss account.
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Post by naswang Fri Jul 20, 2012 6:50 pm

The some examples posted in trading account are: wages, fuel, excise duty, sales. All the factories expenses are posted in trading account.
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