On the basis of the information given, identify the account. 1. It contains items of expenditure nature only. 2. It is prepared to ascertion the Net profit or the Net Loss.

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KollegeApply · Accepted Answer

Profit and Loss account Explanation: Profit & Loss Account contains indirect/expenditure items only and is prepared to ascertain the net profit or net loss for the period; Trading Account determines gross profit.

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