Define:-
1. Trading account
2. Profit and loss account
3. Balance sheet

A trading account is similar to a traditional bank account, holding cash and securities, and is administered by an investment dealer.

The profit and loss account is a financial statement which represents the revenue that the business has received over a given period of time, and the corresponding expenses which have been paid.

In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition".
  • 1
A balance sheet is a statement prepared on a particular date to know the exact financial position of a business enterprise on that date. Liabilities are shown on left hand side while assets on the right hand side. The two sides of the balance sheet always tallies.
  • 0
1.​An account with a broker that enables an individual or other party to buy and sell securities. ... 
2.Trading and Profit and Loss Account or Income Statements Balance Sheet Income Statement An income statement is a summary of accounts that affects the Profit or Loss of an enterprise. 
3.a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.
 
  • 1
1. in trading accounts you can only write direct expense like carriage inwards, wages etc.
2.in profit and loss account record all losses and expense in debit side and in credit side all gains and income.
2.balance sheet shows the position of a business.

I hope you understand....
  • 0
What are you looking for?