One Of The Best Info About Debit Balance Of Trading Account Indicates Gross Profit

Debit balance of trading account indicates _____ answer: 1 answer +1 vote answered dec 21, 2021 by jiyamehra (38.9k points) selected dec 22, 2021 by anamika jain best answer i. Profit and loss a/c ii.

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The balance in the trading account at the end of an accounting period indicates the gross profit or loss earned by the business during that period.

Debit balance of trading account indicates gross profit. It could be due to various. It refers to the amount owed to a creditor. A trading account is a financial statement that shows the revenue, cost of goods sold, and gross profit or loss of a business for a given.

However, a credit balance of the trading account indicates a gross profit. A debit balance in the trading account is a clear indication that the company has not been able to sell its goods as expected. Income receivable appears on _____ side of balance sheet.

If the credit side total is more, the difference represents gross. As against, profit & loss account ascertains the net profit or loss for the given period. This signifies that the company lost more money than it made.

Gross profit or gross loss is transferred to. In the realm of financial transactions, the concept of a “debit balance of trading account” holds significant importance. Debit balance of trading account means ________ (a) gross loss (b) net loss (c) net profit (d) gross profit ii.

What is trading account? The balance in the account indicates either a profit (when it is a credit balance) called gross profit or a loss (when it is a debit balance) called gross loss. This number is transferred to the debit side of a profit & loss account to further calculate net profit or a net loss.

Carriage inward is debited to _________. Debit balance of trading account shows gross profit. Trading account is a part of profit & loss account.

The debit balance of a trading account means gross loss. Trading account determines the gross profit or loss for the accounting period. Trading account is prepared mainly to know the profitability of the goods bought by the businessman.

Learn about balance sheet and opening entry here in detail. The difference between the two sides of the trading account, indicates either gross profit or gross loss. Profit loss account is prepared to find out gross profit or gross loss.

Debit balance of trading account indicates __________ (a) gross profit (b) gross loss (c) net profit (d) net loss