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The Trading and Profit & Loss Account
This is the basic outline of a Trading and profit and Loss Account:
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£ |
£ |
£ |
| SALES |
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| minus Returns Inward |
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| MINUS COST OF SALES |
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| opening Stock |
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| plus Purchases |
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| minus Returns Outward |
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| plus Carriage Inwards |
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| minus Closing Stock |
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| GROSS PROFIT |
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| LESS EXPENSES |
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| wages |
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| light and heat |
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| printing and stationary |
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| telephone |
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| carriage outwards |
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| advertising |
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| overheads |
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| discount allowed |
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| motoring expenses |
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| interest payable |
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| PLUS OTHER INCOME |
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| commission received |
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| discount received |
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| NET PROFIT |
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*** Print this off now and keep as a revision reminder. ***
So let's try completing PEPE'S TRADING & PROFIT and LOSS ACCOUNT
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