Final Accounts Flashcards
trading account
gross profit = sales - cost of sales
cost of sales = opening stock + purchases - closing stock
profit and loss account
net profit before interest and tax = gross profit - expenses
net profit before tax = net profit before interest and tax - interest
net profit after interest and tax = net profit before tax - corporation tax
appropriation
retained profit = net profit after interest and tax - dividends
Urutan Profit and Loss account for the year ended
sales revenue cogs gross profit expenses net profit before interest and tax interest net profit before tax tax net profit after interest and tax dividends retained profit
Urutan Balance Sheet
Fixed Assets
fixed assets
accumulated depreciation
net fixed assets
Current Assets cash debtors stock Total CA
Current Liabilities overdraft creditors short term loans Total CL
Net current assets (working capital)
Total assets less current liabilities
Net assets financed by: share capital retained profit EQUITY
Equity
equity = net assets
equity = share capital + retained profit
What are the main final accounts?
trading account
profit and loss account
appropriation account
