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Gross sales: Less discounts: TOTAL NET SALES: Cost of goods sold: Raw materials: Labor: Overhead: TOTAL: GROSS PROFIT: Operating expenses: Interest:

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Comments and Help with fill in the blanks on profit and loss

Who needs a Profit and loss statement?

This statement is used by owners of small businesses to summarize the revenues, costs and expenses they had during a month.

What is the Profit and loss statement for?

The statement shows the total profit of the business owner before paying off all taxes. It also gives information about the total amount of sales and total expenses. This data is very important for effective business management.

What documents must accompany the Profit and loss statement?

As a rule, the Profit and statement form is accompanied by the balance sheet and the cash flow statement.

How long does it take to fill the Profit and loss statement out?

The approximate time of completing the form is 15 minutes. The statement should be filled out every month.

What information should be provided in the Profit and loss statement?

The filler has to enter the following information:

Month and year of the statement
Month percentage of sales (gross sales and less discounts)
Previous month percentage of sales (gross sales and less discounts)
Total net sales
Cost of sold goods
Cost of raw materials, labor, overheads
Total amount of costs
Gross profit
Operating expenses
Interest amount
Total expenses
Pretax profit

If the filler has any additional remarks, they should be noted in the specific box.

The statement must have the name of the individual who prepared it and it should be dated.

What do I do with the statement after it has been completed?

The statement is sent to the relevant party(ies). The business owner should keep one copy for personal use.

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Good afternoon matrix welcome to mindset learn the home of the brain you tune in this hour with myself double capricious and Mahesh and I'm favorite accounting buffin when ad how are you guys doing I'm well tobacco how are you today I'm well thanks now as you all should know tomorrow is Women's men and I've been asking this question the whole day and for my sitters please keep posting who is your favorite woman and why okay is that for me yes okay um I think I'm gonna have to say my mom okay um and my grandmom is well but if I had to choose someone outside the family and I would go with mother Teresa mother Teresa oh wow she was quite inspirational and 180 who's your favorite woman I'd have to say my mom your mom yeah your mama's boy yeah just because she inspires me to be better oh that's great awesome now um guys I'd really like to read what you have to say I know a lot of people say it's been moms and I really understand my mom is my favorite woman as well please don't forget to post all your questions your queries and your comments about today's show on facebook.com for slash learn extra or mindset learn for in slash live with that said you may continue with the show okay right mindset is today we're going to be focusing on financial statements and I've picked a question where we've got a bit of acid disposal as well so without wasting any time let's go straight to the question remember guys we're obviously doing a lot of revision at this point and if there are any questions on any of the adjustments or calculations please let us know so let's get started what financial statements a question where we're going to be completing the income statement and they will be a bit of asset disposal alright let's go straight to the question itself okay I just want to let you guys know that this was from November 2009 the year-end exam okay what our question you are provided with the pre adjustment trial balance of some people limited the company buys and sells uniforms and they also repair uniforms by repair guys obviously we're talking about altering uniforms for their customers for which they charge a fee okay so immediately we're obviously looking at a trading business that also provides a service so in other words the main source of income will obviously be sales but apart from sales because they render service we obviously also have fee income okay these fees are credited to the fee income account in the general ledger right guys for this question we are required to firstly 1.1 refer to information 2j below calculate the profit or loss on disposal of the computer show workings you may prepare an asset disposal account to identify the figure for 8 marks so there's our asset disposal and thereafter they want us to also let's go to the second part of the question we're going to complete the income statement for the year ended 30th September 2009 ok guys so a bit of acid disposal and obviously the income statement now remember guys the moment you get an...

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