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FINAL ACCOUNTS OF SOLE PROPRIETORSHIP — Commercial Studies STD 10 — Question

ICSE BoardEnglish MediumSTD 10Commercial StudiesFINAL ACCOUNTS OF SOLE PROPRIETORSHIP2 Marks
Question
Discuss the need of the Trading Account.
✓

Answer

Need of trading account:
(i) To ascertain gross profit or gross loss.
(ii) It helps to judge the performance of the business concern.
(iii) It helps the businessman to calculate the ratio of gross profit to sales.

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