BASIC ACCOUNTING : TRADING ACCOUNT

TRADING ACCOUNT IS PREPARED FOR AN ACCOUNTING PERIOD TO FIND OUT TRADING RESULT OR GROSS MARGIN OF THE BUSINESS

DEBIT SIDE ITEMS :

> OPENING STOCK 

> PURCHASES 

> DIRECT EXPENSES (WAGES - CARRIAGE & FREIGHT ON PURCHASE - IMPORT &
   CUSTOM DUTY - CLEARING & FORWARDING CHARGES : ALL DIRECT EXPENSES
   EXTRACTED FORM TRIAL BALANCE)


CREDIT SIDE ITEMS :

> SALES 

> CLOSING STOCK