Profit And Loss Account

Sales
Total sales of product and service in affair year mint be referred to as;
oSales
oServices
oFees
oOr subscriptions
This information can be source from copies of sales invoice issued by our business,
and bank vex slips. If business generates income in a nonher manner different to the affectionateness nature of the business. We will need to add another store under sales called other income.
An example of other income
letting of equipment, sales of assets, interest on bank account held in the name of the business, and any other income earned through investments in the name of the business.

toll of Goods Sold
Cost of Good Sold refers to the essential value of the goods sell to our customers during a specified period of time. Cost of good Sold (also approach of sales or cost of sales or cost of revenue,)describe the pick out expenses incurred in producing a particular good for sales, including the actual cost of materials that comprise the good, and direct employees expanse in putting the good in sailable condition.



The reckoning for Good Cost of Sold is,

Opening stock + Purchases make Closing Stock = Cost of Goods Sold

Cost of Goods does Sold not include indirect expenses such as office expenses, accounting, merchant vessels department, advertising , and other expenses that cannot be attributed to a particular situation for sale. Cost of sales does not usually apply if we translate a service only. Total revenu8e less cost of goods sold equals our gross loots.
oThe calculation for cost of sale s can include;
oThe cost of stock we fuck off for resale
oInterest on loans to buy stock or intersection equipments
oComponents to raw materials to make our product
oLabour to produce the product
oMachine hire
o dainty tools
oAnd any other directly related production costs
Expenses
Expenses are all the ongoing expenses associated with running our business we can deduct from our gross profit figure on our profit and loss account to calculate a figure of profit before...If you want to get a full essay, order it on our website: Orderessay



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