Bling

Preparing Simple Financial Statements

Scene 123 / of 136

Preparing the Income Statement - Establishing Cost of Sales

The cost of sales must be deducted from the income generated during the period. Select any items that should be included in "cost of sales"


Account DEBIT CREDIT
Advertising Account 400  
Bank Account 9560  
Bank Interest Account 50  
Capital Account   5000
Cash Account 270  
Creditor Shops R Us Account   4500
Creditor Style Accessories Account   1280
Debtor Greenland Golf Club Account    
Drawings Account 600  
Equipment Account 2000  
Fixtures & Fittings Account 4500  
Insurance Account 300  
Loan Account   10000
Purchases Account 5500  
Purchases Returns Account   120
Rent Payable Account 1000  
Sales Account   3310
Sales Returns Account 30  
  24210 24210
Closing stock is valued at €3000 at the end of May 30.


Income from Sales:    
   Sales 3310  
   Sales Returns 30  
   Net Sales:
 		   3280



« back to previous step