What is best way to remeber account of trading profit and loss account , balance sheet and trival balance method?
Please help urgent. anybody can help me.
2007-09-23 22:40:52 · 2 answers · asked by Meili Wong 2 in Business & Finance ➔ Other - Business & Finance
You must understand the double entry system 1st, and then get hold of a book which has plenty of exercises and do all of them. Practice, practice and more practice is the only way to get accounts at your finger tips.
2007-09-23 23:27:37 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
The balance sheet shows balances, usually at year end, including receivables, assets etc. A P&L account shows profits / losses, turnover made during that year. The difference between the above 2 is that the former shows balances at one point in time, while the latter shows transactions over a 12 month period. A trading statement is a forecast of future earnings
2016-05-17 08:28:37 · answer #2 · answered by ? 3 · 0⤊ 0⤋