Query
This query is : Resolved
19 September 2014
debit balance if trading acnt indicates
gross profit
gross loss
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.
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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