TRADING AND PROFIT AND LOSS ACCOUNT ( INCOME STATEMENT PART 1 ) FINAL ACCOUNT OF A SOLE TRADER

FINAL ACCOUNT OF A SOLE TRADER ( INCOME STATEMENT PART 1). TRADING, PROFIT AND LOSS ACCOUNT
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#accounting
#learning
#accountingtutorials
#financialaccounting
#finance
#education
#incomestatement
#tradingprofitandlossaccount.
Click on this link to watch the balance sheet as well. • STATEMENT OF FINANCIAL...

[@INNOCENTMULUWA]

One of my favorite❤❤

[@a.eaccountingtutorials6593]

SUMMARY OF INCOME STATEMENT
Sales. XXX
LessReturn inwards. XXX
Net sales. XXX
Less Cost of Sales. XXX
Gross profit XXX
Add other income. XXX
Less Operating EXP. XXX
NET PROFIT. XXX

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Do we us kasneb student use the same format please

[@a.eaccountingtutorials6593]

Yes . It’s generally accepted worldwide

[@EmanuelMshiha-kb3gl]

Hello sir sorry here am try to solve according to your formart but I don't understand some depreciation is intered where

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[@EmanuelMshiha-kb3gl]

Ok thanks

[@OmoleEsther-ij5cs]

Thank you sir for your teaching, it's make a lot of things clear to me, more knowledge, kudos to you sir 💕.

[@a.eaccountingtutorials6593]

NOTE: Adjustment made on purchases are done in the trading account (INCOME STATEMENT)

[@JoyceKakaula]

Which coarse can you study for you to be teaching principle of accounts and commerce

[@a.eaccountingtutorials6593]

To teach principles of accounts and commerce, one can study courses such as:
1. Bachelor's degree in Accounting or Commerce
2. Bachelor's degree in Education with a focus on Business Education
3. Postgraduate diploma in Education with a specialization in Accounting or Commerce
4. Professional qualifications such as ACCA (Association of Chartered Certified Accountants) or CIMA (Chartered Institute of Management Accountants)
5. Continuing professional development courses in teaching methodologies and curriculum development specific to accounting and commerce subjects.

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So which of these courses is the best

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Im loving your guidelines from kenya,thank you so much

[@OgbeMadonna-xm3wh]

Sir, what about Appropriation account and current account

[@a.eaccountingtutorials6593]

Click on this link to watch the appropriation account th-cam.com/video/y3JSQAsEWto/w-d-xo.htmlsi=Tz2-GGOqA2No7Dok

[@OgbeMadonna-xm3wh]

Hello sir I didn't get the formula very well

[@a.eaccountingtutorials6593]

WhatsApp this number for clarification + 233554260429

[@victorinnocent6490]

You are doing excellently sir. However, there is an observation, an oversight I may say. You at a point said drawings should be deducted from purchases. But drawings is not part of an income statement. It should appear in the balance sheet. Thank you sir.

[@a.eaccountingtutorials6593]

I was referring to stock drawings not cash drawings. WhatsApp this number for further clarification [phone]

[@ManassehMisroame]

Sir please where will u place carriage outwards

[@a.eaccountingtutorials6593]

Under operating expenses. Carriage outwards is an expense

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Kudos from Kenya 🇰🇪 now do it in questions with additional information

[@a.eaccountingtutorials6593]

th-cam.com/video/WcAJdNRcMF4/w-d-xo.htmlsi=-gnu0QRMtsvkLqNL. Watch it here

[@WeddyGatwiri-vf9ee]

What happens next if you happen to get a gross loss?

[@a.eaccountingtutorials6593]

Other indirect expenses are then added to the gross loss to ascertain net loss.

[@a.eaccountingtutorials6593]

MANUFACTURING TRADING PROFIT AND LOSS ACCOUNT WEII EXPLAINED. Click on this link to watch my video by A.E ACCOUNTING TUTORIALS. th-cam.com/video/blipnXS5RiA/w-d-xo.htmlsi=dQvf_9Cr1R6ukF01

[@Learnlyf]

Thank you very much sir 🙏🙏

[@nansambaamiirah6090]

What are direct wages and examples

[@a.eaccountingtutorials6593]

Direct wages are Remuneration paid to persons providing direct labor. Thus wages paid to workers whose services can be directly traced to a particular cost centre or cost unit.

[@berylauma4463]

Where do you record carriage outwards

[@a.eaccountingtutorials6593]

Under operating expenses

[@anoohaalooo1724]

What happened at 6:28 felt like you skipped something

[@a.eaccountingtutorials6593]

The video jumped. I’m sorry for such an inconvenience. The revised version of this video will be uploaded soon 🔜

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This is exactly what I was looking for 🥰🥰a million thanks

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[@a.eaccountingtutorials6593]

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[@ericawotwe8991]

Well explained sir.
Thanks you i really like it

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Please do it in a question form

[@a.eaccountingtutorials6593]

th-cam.com/video/WcAJdNRcMF4/w-d-xo.htmlsi=tjc1PtDVIXgN59wF

[@BIGMUMIN7k]

Which coarse can you study in accounting please

[@a.eaccountingtutorials6593]

There are various courses that one can study in accounting, including:
1. Bachelor of Science in Accounting
2. Bachelor of Business Administration in Accounting
3. Master of Accountancy
4. Certified Public Accountant (CPA) Exam Preparation Courses
5. Chartered Accountant (CA) Certification Programs
6. Certified Management Accountant (CMA) Certification Programs
7. Accounting Technician Programs
8. Forensic Accounting Courses
9. Taxation Courses
10. Financial Reporting and Analysis Courses

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New video on IAS 16 property plant and equipment. ( Financial Reporting ). th-cam.com/video/hP4JIjt6LuI/w-d-xo.html

[@OmomejiDeborah]

I'm i too add outstanding wages in the trading account?

[@JustinaMulengaChisamamba]

Sir how are you?sir do you credit the closing stock

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That's superb

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I really understood,very good teaching 👏 👍

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Thanks a lot sir well examplain

[@a.eaccountingtutorials6593]

Click on this link to watch control accounts th-cam.com/video/s1Ym4v1l8oU/w-d-xo.htmlsi=VHP3Tgkr4EoLpPtn

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You have saved me❤❤❤❤🎉

[@RaphaelMirieri-oj8ez]

Thanks for the good work

[@AbdinasirMuhumed-n7k]

Thank you sir 🙏I have understood more

[@MirembeJasper-gi9eh]

But the video is breaking

[@JessicaAgi]

I understand better ❤

[@akwasiprince2144]

Sir please,will u deduct or less the closing inventory from the COGAFS?

[@a.eaccountingtutorials6593]

We less or subtract closing inventory from COGAFS

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Am studying online am gonna subscribe next semester when I take accounting am going to learn from you thank you

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[@mustafamalik210]

Too much background noise and echo...avoid them Sir

[@a.eaccountingtutorials6593]

I have worked on that now. Check my current video 🙏❤️

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You're the best

[@peterlorukia]

Please sir am not the format well

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thank you sar❤❤❤

[@jamesmudasia3786]

Sir if i have accrued wages how will i record it .will i subtract from wages and salaries or add

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Add

[@a.eaccountingtutorials6593]

Add

[@mohammedtejan]

thank you, it makes me understand a lot now 👍

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Examples please

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Thanks pls I need your non profit making organization account video

[@a.eaccountingtutorials6593]

Noted✅

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Thank you brother

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Am trying to understand

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Thanks sir❤

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Thank you sir

[@a.eaccountingtutorials6593]

Click on this link for correction of errors. th-cam.com/video/q_iEnTiF6zk/w-d-xo.html

[@JessicaAgi]

I understand better

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Pls can solve a question on advance financial account

[@a.eaccountingtutorials6593]

Sure

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Tnx u very much sir ❤❤

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Where do u put capital in income statement

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Thank you so much

[@Sandragrand]

Thank you so much

[@EstherAntony-bt8uv]

God bless you sir

[@mercyedijala5486]

Weldone sir. But you didn't finish up the practical questions for the Adjustments of final account of a sole trader. I enjoyed the two previous tutorials on it. But the practice question you promised isn't on your page

[@a.eaccountingtutorials6593]

Is on it. This is the link to the practice question. th-cam.com/video/WcAJdNRcMF4/w-d-xo.html

[@DoreenTamakloe-ne6bl]

Sir pls i don't really understand I'm new in accounting

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[@edwardjohnson2947]

Very helpful 💯🙌

[@EmilyNzilani-p7x]

Do we add gross profit with the total incomes

[@KarmaalphaNelsonngelay-um6uh]

Thank you

[@ntosobubuane9542]

Great bro

[@lawrencenyinge]

Very helpful❤

[@a.eaccountingtutorials6593]

Click on this link to watch the balance sheet as well. th-cam.com/video/sSdszq0rfds/w-d-xo.html

[@akwasiprince2144]

Under the expense,when a question come in a form of a way that,there is no insuranace but pre paid insurance,will u deduct it from wages

[@a.eaccountingtutorials6593]

Insurance generally is an expense so if there is no insurance in the question, then you don’t have to treat it at all.

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Great minds 🤝

[@RIFARIRICHARD]

Thx sir

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Very helpful

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Thank you sir I need all videos of this topic

[@frankdexservices9691]

What if wages wasn't given

[@frankdexservices9691]

What if wages wasn't given

[@a.eaccountingtutorials6593]

Then after subtracting closing stock from cost of goods available for sale, you will arrive at cost of sales.instead of cost of goods sold

[@kelvinkariuki9300]

I missed a point on prepaid expenses. Is prepaid rent an expense? I mean do I add it on expenses?

[@masikaelizabeth823]

It's an asset and it's subtracted from rent in the P/L

[@JamesLungu-r3i]

Wonderful lesson sir

[@benjaminisele8358]

what just happened? from net sales there was a huge skip

[@a.eaccountingtutorials6593]

Noted. Video error 🙏

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Very informative but improve on the background noise

[@a.eaccountingtutorials6593]

I have worked on that. Kindly check my new videos 🙏

[@frednsoh2125]

Please sir I solved a question but I get stuck at a point and I will a help from you please

[@a.eaccountingtutorials6593]

Which topic?

[@a.eaccountingtutorials6593]

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[@Hiedra-ptfotg]

Why did you skip😢

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I’m good

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✔✔

[@briankirwa1788]

Kudos from kenya

[@StellaKoyolo]

Depreciation topic

[@a.eaccountingtutorials6593]

th-cam.com/video/grBUzXICrRk/w-d-xo.htmlsi=9R7aQlT9Rf09S5NP. Click on the link to watch my tutorial on depreciation