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Module 1: Elaboração de relatórios

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Preparação de relatórios: lucro e perda de instrução

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XSIQ
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Accounting - Preparation of reports: profit and loss statement

Profit and loss statement

Different aspects of the Profit and Loss [1] statement are discussed
earlier in this resource.

The Profit and Loss statement, drawn from the 10 column worksheet prepared
on the previous page, is presented below.

REVENUE
$
$
$

Cash sales

79 000

Credit sales

40 000

119 000

LESS COST OF GOODS SOLD

40 200

Gross profit

78 800

+ commission

400

79 200

LESS OPERATING EXPENSES

SELLING EXPENSES

Advertising
3 000

Sales wages
22 000

Depreciation of motor vehicles
700

25 700

ADMINISTRATIVE EXPENSES

Cleaning
500

Insurance
4 500

Office salaries
19 500

Depreciation of equipment
1 100

Rent
6 000

31 600

FINANCE EXPENSES

Interest on loan

4 400

61 700

NET PROFIT

17 500

In the preparation of the Profit and Loss statement the following errors
are likely to occur:

* buying expenses, [2] such as:

* carriage, cartage and freight inward

* duty and wharfage

* import duty

* insurance on stock will be treated as operating expenses

* the total for cost of goods sold will be shown as gross profit

* operating expenses will be classified incorrectly. The most common
examples are the treatment of 'accounting fees' as finance rather than
administrative [3]and the inclusion of 'legal fees' as administrative,
rather than finance

* 'aliens' are items that do not belong. In the Profit and Loss statement
the most common aliens are 'drawings', 'loan repayments' and the inclusion
of a non-current asset which has been bought during that period

* failure to classify operating expenses is a common error

* treatment of items, such as petty cash, as an expense rather than a
current asset

* wrong titles, such as 'accumulated [4] depreciation' instead of
depreciation [5]

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Links:
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[1] http://alison.com/#
[2] http://alison.com/#
[3] http://alison.com/#
[4] http://alison.com/#
[5] http://alison.com/#