The Profit and Los Account
  This is a summary of income and expenditure at the end of   the year.

  Activity 1
  Create your own Profit and Loss Account for business   called Chocolate Cakes Ltd, using the information in
  the Quiz. 

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  The Profit and Los Account
  Activity 2
  The profit and loss account is used to calculate Net Profit.
  Net profit of the business is it sal revenue minus all
  its expenses.
  .

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  The Trading Account
  Activity 3
  The trading accounting is used to calculate the Gross   Profit. The account is simply a number of different
  sub calculations.

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