Please help with profit and Loss statement..

Discussion in 'Exams and Studying' started by valerie86, Nov 6, 2016.

  1. valerie86

    valerie86

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    I just started my course and stuck here with P+L statement, I think i am not getting it... can somebody help me where am I wrong ..
     
    valerie86, Nov 6, 2016
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  2. valerie86

    valerie86

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    is the loan goes as income?
    should everything from balance go on profit and loss statement??
    i dont have any opening inventory, so I just set it as 0?
    if : sales 112000,00
    Puchases 69000.00
    Closing inventory 21000.00
    then gross profit 64000???
     
    valerie86, Nov 6, 2016
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  3. valerie86

    Stephen Gsell VIP Member

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    Yes, that is correct.
     
    Stephen Gsell, Nov 7, 2016
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  4. valerie86

    Julia Satin

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    Loan is not an income, it is debt, short or long term.
    Balance sheet shows your financial position at a certain date, for example at month end or a year end. It shows what assets and debt you have.
    P&L statement shows your performance results for a certain period.

    If the figures in your question are for the same period, then your gross profit is
    Calculated as follows:
    Sales. 112,000
    Less cost of sales. (48,000)
    (Opening stock + purchases - closing stock)
    69,000 - 21,000
    Gross Profit. 64,000

    This is your P&L statement on the basis of the figures you provided.
     
    Julia Satin, Nov 7, 2016
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