Loading

Module 1: Elaboração de relatórios

Nota de Estudos
Study Reminders
Support
Text Version

Preparação de relatórios: lucro e perda de instrução

Set your study reminders

We will email you at these times to remind you to study.
  • Monday

    -

    7am

    +

    Tuesday

    -

    7am

    +

    Wednesday

    -

    7am

    +

    Thursday

    -

    7am

    +

    Friday

    -

    7am

    +

    Saturday

    -

    7am

    +

    Sunday

    -

    7am

    +

Accounting - Preparation of reports: profit and loss statement

Profit and loss statement

Different aspects of the Profit and Loss 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.

Profit and Loss satement for the six months ending 30 June

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:

1. * buying expenses, such as:

* carriage, cartage and freight inward

* duty and wharfage

* import duty

* insurance on stock will be treated as operating expenses

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

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

4. * '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

5. * failure to classify operating expenses is a common error

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

7. * wrong titles, such as 'accumulated depreciation' instead of
depreciation

Previous | Next