Balance sheet, simple questions


Joined
Mar 15, 2012
Messages
2
Reaction score
1
Hello,

I understand finances, very widely, and I would like to keep it that way as long as I'm not likely to work in this sector. So I would like to verify some results of mine and ask for advice:

A new transaction to be added in balance sheet:
sales revenue of £132k
Sold inventories for £63k of which £42k was paid in cash

What've made so far:
Made Inventories to £0 (from £15k)
Added cash to bank (+42k)
Added debtors (21k)

But my question is:
- Why is sales revenue equal to £132k all of the above values doesn't add up ?
- Where do I put the term "Sales revenue" (assets/liabilities) ?
- Do I add new cell with "Profit/loss" ?

And bonus question:
A owner takes £11k of cash and £8k of stock for his own use, do I take this value off the capital ?

Thanks,
Tom
 

Attachments

Ad

Advertisements

Ad

Advertisements

Joined
May 14, 2012
Messages
10
Reaction score
0
Hi, im from Venezuela and my english is no so good, i think you have a little confusion, if you have 132k of salles that is the amount of money that goes to cash and debtors, not the amount of inventories. The amount of inventories sold is presented in another financial statements as a cost of sales. The sales revenue is not included in the statement of financial position, its include in the statement of comprehensive income according to IAS 1, you must included sales less cost of sales for have the gross profit.

I hope had understood your question, let me know, thanks a lot
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Simple Balance Sheet Standard question 17
UK balance sheet questions 0
Balance Sheet question 2
Balance Sheet question 2
Canada Balance sheet question 3
USA Balance Sheet Question 1
Question on balance sheet 0
basic balance sheet question 6

Top