nature of trading account

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What are the features of a trading account?

A trading account has multiple features. A trading account is a nominal account. Also, it is prepared on the last day of an accounting year, and it is the first stage of the final account of a trader and the second stage of the final accounts of a manufacturer. Only revenue transactions are included in a trading account.

What is the purpose of a trading account?

The purpose of the trading account is to show the gross profit or gross loss made in a particular time period. The following are some key points to understand about a trading account: It is a temporary account that records sales and purchases of goods/services. It is used to calculate the gross profit or gross loss on the sale of goods.

What are the different types of trading accounts?

You can select from the following two types of trading accounts A securities/standard trading account: A Standard trading account covers all your basic investment requirements. It allows you to trade equity – both intraday trading and delivery, futures & options (F&O), exchange traded funds (ETFs), mutual funds, and currency futures.

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