Download App

Financial Statements of Sole Proprietorship — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements of Sole Proprietorship1 Mark
Question
What is Trading Account?
✓

Answer

Trading Account is the account that reveals gross profit or gross loss. It is credited with the amount of sales of goods and debited with the opening stock of goods along with the direct expenses related to the sales made, i.e., purchases, freight inwards, wages, etc.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Financial Statements of Sole Proprietorship→Financial Statements of Sole Proprietorship — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Briefly explain Current Liabilities.
→
What is the residual or scrap value of the asset?
→
What is the necessity of doing adjustments? Give four adjustment entries with their explanations.
→
Give the correct chronological order of ascertainment of the following profits from Trading and Profit and Loss Account Operating Profit, Gross Profit, Net Profit.
→
A Bill of Exchange for ₹ 3,000 drawn on 1st June, 2018 and payable after 3 months was discounted with a bank at 10% p.a. but was dishonoured on due date and 8 were paid as noting charges. What was the amount claimed by the bank from the Drawer?
→
What is meant by a Sales Return Book?
→
State one importance of Trial Balance.
→
What is customised and tailor made computerised accounting system?
→
What is a Trading Account?
→
Manager of a firm is entitled for a commission of 6%. The profit after the commission is ₹ 4,70,000. What is the amount of profit before commission?
→