Relier Pairs Income Statements - Trading AcVersion en ligne Chapter 27 par Ciara Mealy 1 The Trading Account 2 Cost of Sales/Cost of Goods Sold 3 Purchases 4 Income Statement 5 Closing Stock 6 Sales 7 Customs Duty 8 Opening Stock 9 Carriage Inwards 10 The Profit and Loss Account The cost of having purchases delivered to the business Made up of the trading account and the profit and loss account The value of good held in stock at the end of the financial year A tax paid on purchases from countries outside the EU Calculates the net profit (or loss) after deducting expenses from the gross profit figure The costs of goods bought during the year. The cost of goods held in stock at the beginning of the financial year. This may be stock of finished goods and/or raw material The value of goods sold by the business Calculates the gross profit (or loss) that they business has made from selling its products and services The cost to the business of selling the goods that were actually sold during the trading period
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