Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items
- This is a solution to the question here.
Trading and Profit and Loss Account (Income Statement) for the year ended 31 September 20×9
|Less Sales returns|
|Less:Cost of Goods sold|
|Less Purchases Returns|
|Add Carriage Inwards|
|Less Closing Stock|
|Salaries and Wages||61400|
|Lighting and heating||894|
- Sales returns and Returns inwards are the same thing
- Purchases returns and Returns outwards are the same thing
- Carriage inwards are dealt with in the Trading Account while
- Carriage outwards are dealt with in the Profit and Loss Account section of the Trading and Profit and Loss Account
To access more topics go to the Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes.