At the end of a financial period, all expense and revenue accounts are closed to a summarizing account usually called a Profit and Loss Account. This is the financial statement that summarizes revenues and expenses for a specific period of time, usually a month or a year.
It shows financial the activity of a business during that period and indicates any profit or loss earned.


This is divided in a Trading Account which calculates the Gross Profit for the period, and a Profit and Loss Account which calculates Net profit for the period.
In the trading account the cost of goods sold is subtracted from Net Sales for the period to calculate Gross Profit.





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Comments

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    05.08.2014

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