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Home Accounting Dictionary Letter T Trading and Profit and Loss Account Definition
 
 

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Trading and Profit and Loss Account Definition:

A financial statement in which both gross profit and net profit are calculated.

One of the most important uses of trading and profit and loss account is that of comparing the results obtained with he expected. Trading and profit and loss account consists of two parts. One is trading account that is used to calculate gross profit of the business and other is profit and loss account that is used for the calculation of net profit.

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