Credit Side Items

Credit Side Items include the following items of profit and loss Gross Profit, Non-trading Income, Other incomes. In Credit Side Items Gross profit moved from trading account. In non-trading income Interest acknowledged from bank, incomes acknowledged from exterior investments like distribute and debenture are recognized as non-trading incomes.

Trading Account

Learning Objectives: Define and explain trading account. (What is trading Account ?) What are the items of a trading account. Prepare the format of trading account. What are advantages of trading accounting? Definition and Explanation: A trading account is an account which contains, ”