Equations Flashcards
NRV
Est. selling price - est. costs of completion - est. selling and distribution cost
Cos
opening inventory + purchases + delivery inwards - closing inventory
depreciation
cost - residual value / useful life
carrying amount
cost - accumulated depreciation
straight line depreciation
cost - residual value / useful life
reducing balance depreciation
depreciation rate (%) x carrying amount
depreciation after change
carrying amount - new residual value/ remaining useful life
impairment loss
carrying amount - recoverable amount
SoFP
assets= liabilities + capital
gross profit
revenue - cos
net profit
gross profit - expenses
payroll
gross pay + employer’s NI + employer’s pension
gross pay
net pay + PAYE+ employee’s pension + employee’s NI
proprietor’s interest
capital + profit - drawings- losses
