Trading Account discloses-
  • Gross profit
  • Net profit
  • Net loss
  • Gross profit or Gross loss
Direct Expenses are entered in:
  • Trading Account
  • profit & Loss Account
  • Balance sheet
  • None of these
Goodwill is a-
  • Fixed Asset
  • Current Asset
  • Fictitious Asset
  • None of these
Drawing is deducted from:
  • Sales
  • Purchase
  • Returns outward
  • Capital
Profit and loss Account discloses:
  • Gross profit
  • Gross profit or Gross loss
  • (i) and (ii)
  • None of the above
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