What is the importance of the trading and profit and loss account along with the balance sheet when preparing final accounts for the business?
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The trading and profit and loss account along with the balance sheet is important in providing information about the business. By doing these accounts one will know the Conistency of the business. All the revenues and expenses are showed in the profit and loss abd the assests, liabilities and where the business is financed by. At the end of dong these accounts it will be lucid if the business is running at a profit or loss.