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      Question

      The profit on sale of old furniture should be credited

      to:
      A Trading Account Correct Answer Incorrect Answer
      B Profit and Loss Account Correct Answer Incorrect Answer
      C Manufacturing Account Correct Answer Incorrect Answer
      D All of the above Correct Answer Incorrect Answer

      Solution

      A profit and loss account (also known as an income statement or statement of operations) is a financial statement that summarizes a company's revenues, expenses, gains, and losses over a specified period of time, typically a month, quarter, or year.

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