The Pineapple Pub

Preparing Simple Financial Statements

Scene 87 / of 100

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
Bank Account 40600  
Capital Account   40000
Creditor - Flash Sales Limited Account   10000
Creditor - Kensington Supplies Limted Account   6000
Debtor - Hampstead Heath Party Hire Account    
Discount Allowed Account 200  
Drawings Account 4200  
Energy Expenses Account 3500  
Furniture Account 18000  
Leasing Expenses Account 3500  
Purchases Account 6000  
Rent Payable Account 20000  
Rent Receivable Account   4000
Sales Account   47000
Wages Account 11000  
  107000 107000
Closing stock is valued at €5000 at the end of December 31.


Income from Sales:    
   Sales 47000  
   Net Sales:
 		   47000



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