Trading, Profit and Loss Account

Overview

State the purpose of trading, profit and loss accounts Calculate the cost of goods sold Determine net sales Determine net profit or loss and gross profit Outline the rules for the construction of a simple profit and loss account

Lesson details

Class: JSS3
Subject: Business Studies
Theme: Book-Keeping And Business Success
Duration: 30:12

What you'll learn

Purpose of trading profit and loss account
Trading account
Profit and loss account
Rules for constructing simple profit and loss account

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