July 2018

Cambrige Notes: Introduction to the Trading and Profit and Loss Account

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to the Trading and Profit and Loss Account

  • The profit/loss of a business is calculated by preparing a trading and profit and loss account
  • It is sometimes called only the profit and loss account in error
  • It is also more accurately known as the: Statement of Comprehensive Income
  • It is […]

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Cambrige Notes: Uses and the importance of the Trading and Profit and Loss Account

By |2018-08-05T08:25:57+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Uses and the importance of the Trading and Profit and Loss Account

  • People set up businesses to make a profit
  • Profit is the main objective of most privately owned businesses
  • However a business may fail to make a profit
  • The business may make a loss instead
  • The owners of a business […]

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Cambrige Notes: Terms used in the Trading and Profit and Loss account/Income Statement

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Terms used in the Trading and Profit and Loss account/Income Statement

Gross profit

  • is the excess of sales over the cost of goods sold
  • If the amount of cost of goods sold is more than the amount of sales the result is a gross loss
  • Gross profit is found in the Trading […]

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Cambrige Notes: Sole Trader: Trading and Profit and Loss Account and Capital Accounts

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Terms used in the Trading and Profit and Loss account

  • The Trading and Profit and Loss Account is not balanced off at the end of the trading period
  • This means there are in no corresponding “balance b/d” in the books
  • Instead the Net Profit increases the capital of the owner
  • This […]

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Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The format of a Simple Trading and Profit and Loss Account

The Name of the Business/Proprieter

NB The exact names and types of expenses and other income will vary from business to business you should take your cue from the examination question

Trading and Profit and Loss Account and the Expense […]


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Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Trading and Profit and Loss Account/Income Statement Example

From the following trial balance of S Madondo, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6. A balance sheet is not required.

  • Stock at 31 December 20X6 was $12,408

Solution

S […]


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Cambrige Notes: Simple Trading and Profit and Loss Account Example 2

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Simple Trading and Profit and Loss Account (Income Statement) Example 2 

From the following trial balance of J Nhiwatiwa after his first year’s trading, you are required to
draw up a trading and profit and loss account for the year ended 30 June 20X8. A statement of financial position is not required.

Stock […]


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Cambrige Notes: Income Statement and Statement of Financial Position: Other items

By |2018-07-25T09:57:32+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

  • The Trading and Profit and Loss Account (Income Statement) and Statement of Financial Position are almost always more complex in the real world when compared to the simple statements in these notes
  • There are several more factors to […]

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Cambrige Notes: G Musandu Solution:Trading and Profit and Loss Account

By |2018-07-25T09:57:32+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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.

G Musandu

Trading and Profit and Loss Account (Income Statement) for the year ended 31 September 20×9

  • Sales returns and Returns inwards are the same thing
  • […]


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March 2016

G Musandu Solution:Trading and Profit and Loss Account

By |2017-01-17T11:14:41+02:00March 7th, 2016|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trading and Profit and Loss Account for G Muasandu. Image credit fidato.ca

Trading and Profit and Loss Account for G Muasandu. Image credit fidato.ca ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items
  • This is a solution to the question […]

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