Final Accounts (Junior Cert Business Studies): Flashcards

Financial statements prepared at end of trading period

Portion of time (usually 1 yr) business buys & sells goods

Trading a/c, P&L a/c, statement of financial position

Calculate gross profit/loss from buying & selling goods

Sales - Cost of sales

Opening stock + Purchases + Carriage in + Import duties - Closing stock

Value of goods in stock at start of trading period

Value of goods remaining in stock at period end

Transportation costs for bringing goods into business

Value of goods customers returned to the business

Sales are greater than cost of sales

Cost of sales are greater than sales

Sales - Sales returns

Taxes paid on goods imported from outside the EU