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(Querist)
19 September 2014 debit balance if trading acnt indicates gross profit gross loss
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
19 September 2014 It indicates Gross Loss.

The logic behind this is we credit trading account with income while debit trading account with expenditure, accordingly if credit side is larger (credit balance) then it is gross profit and vice versa.

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