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- A trading account is a temporary account used to record the sale and purchase of goods/services123. It is a part of the final accounts of the entity2. The purpose of the trading account is to show the gross profit or gross loss made in a particular time period13. In the trading account, the cost of goods sold is subtracted from net sales for the period to calculate gross profit3. Only direct revenue and direct expenses are considered in it3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A trading account is used to record the sale and purchase of goods/services. This temporary account closes at the end of each accounting period. The purpose of the trading account is to show the gross profit or gross loss made in a particular time period.www.accountingcapital.com/basic-accounting/tradi…Trading account is a statement which is prepared by a business firm. It shows the gross profit of business activities during a specific period. It is a part of the final accounts of the entity. In other words, the trading account gives details of total sales, total purchases and direct expenses relating to purchase and sales.www.toppr.com/guides/principles-and-practices-of-…In the trading account, the cost of goods sold is subtracted from net sales for the period to calculate gross profit. Only direct revenue and direct expenses are considered in it. Trading account is prepared mainly to know the profitability of the goods bought by the businessman.www.toppr.com/guides/accountancy/financial-state…
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