See what we can offer to your school
"SimpleStudy just makes sense...”
Get the best plan for your school
10 cards from this deck
Income statement and balance sheet
Income, expenses, trading account, profit and loss account
Assets, liabilities, and capital
Bringing temporary accounts to zero balance at year-end
To calculate gross profit
Net sales−Cost of sales\text{Net sales} - \text{Cost of sales}Net sales−Cost of sales
Gross profit+Other income−Expenses\text{Gross profit} + \text{Other income} - \text{Expenses}Gross profit+Other income−Expenses
Opening capital+Net profit−Drawings\text{Opening capital} + \text{Net profit} - \text{Drawings}Opening capital+Net profit−Drawings
Money/goods owner took from business for personal use
Only permanent accounts (assets, liabilities, capital)
Select your subjects, and get access to A+ resources today.