Statement of Comprehensive Income (Income Statement) | Full Example

In this accounting lesson, we go through a thorough example of preparing the statement of comprehensive income (Income Statement). We show how to do the income statement when given the pre-adjustment trial balance and additional information for adjustments. We explain the treatment of adjustments in the statement of comprehensive income and the format for the income statement.
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Accrued Income Explained With Journal Entry and Adjusting Entry Example: • Accrued Income Explain...
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Prepaid Expense Explained With Journal Entry and Adjusting Entry Example: • Prepaid Expense Explai...
Income Received In Advance (Prepaid Income) Journal Entry & Adjusting Entry at Year-End Example: • Video
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[@Counttuts]

You are welcome. Thank you for the feedback.

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[@Counttuts]

Glad it helped. Thanks for the feedback.

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[@Counttuts]

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[@patrickmoses]

its very helpful, sir what about u are asked " manage renumeration is to be allocated as cost of sales, distribution cost and admin expenses"

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[@AJ-yx7sw]

explained very well! I have a question tho: on the balance sheet for non current liabilities will we then put the total debenture loan borrowed of 100,000 and second question - often times on the trial balance given they write it as "Debenture(12% - 2007)" : what does the 2007 imply is that the year by which the entire loan will be paid off or the date of which the loan was borrowed

[@charanshani10]

In my lectures, there is something called other comprehensive income for the year after calculating the profit for the year.
It says it is calculating (land revalued-cost of land) + (Building revalued-cost of building)

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Thank you grootman!!

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[@karabotladi4803]

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[@rajahab3223]

Thank you very much

[@abuamod7]

can you do a video explaining trading stock deficit with regards to income statement

[@ningishenilusia6155]

thanks very much

[@makgomodiale6255]

where do we add purchases returns is it under expense or add to the cost of sales calculation

[@h.hassan7424]

Nice video,
kindly someone tell me the following comes in operating income or not?
1. Other operating income
2. Other operating expense
3. Profit/Loss on equity-method investments, net
4. Other financial income/expense, net
5. Result from equity accounted investments
6. Other financial result
i appreciate your effort, thanks in advance

[@gydiekikelo8944]

Well explained. Quick question, what if you given premises, capital, drawings and cash in hand in the trial balance? How is it going to be entered in the p&l..

[@buyisiweprecious1791]

you made it easier to understand but i dont get the depreciation part well,you didnt' subtract anything from 90000 from the depreciation accumulation on equipment since there's nothing on the credit unlike vehicle costs?could you help
and what about those that are left like bank,creditor's control ect?

[@joshmatthews3670]

Thank you sir

[@GetrudeKizy-lk7gt]

Thank 🎉

[@danielinnocent1549]

thank you for the vide can you pls do sofp and statement of cash flow with the same data question

[@ericdirobabona1750]

I think it would be better if you add columns for your adjustment to show the net movements. Nevertheless, the tutorial is fine. Thank you.

[@ReginaMaiyo]

Please Sir, I am seeing interest on debentures in additional information.

[@cintaba1]

Please, sir, I have 3 questions that require your help.
Q 1
£ 1500000 of revenue returns are treated as revenue in 2019, in error. Please how do I record this in income statement or BS?
Q2
Land(included in the trial balance at the value of £10,000.000) is to be revalued to £ 13.000.000 in the 2019 financial statements, again where do I record this adjustment question? Land & building on trial balance is £ 12.200.000.
Q3
An item of plant, which still remains in the books, was sold for £5000 on 1St October 2019. This amount was credited to admin expenses and debited to the cash account. The original cost of the plant was £ 12000 and its net book value at July 2014 was £ 6000. Once again how do I record this adjustment? Thanks so much.

[@Royal-gallore224]

Soo sir what about custom duty? Do you capitalise on your sales or it's also an expense?

[@joysanyendo1457]

thnk you soo much

[@JendryWariapa]

Thanks ❤

[@pthdxe]

Thank you for your teaching. Can you share the excel file for practice?

[@khayukhunou-xn4bd]

Can u post the question you are doing soo we can do it our selfs

[@arifmustafa4942]

Please upload more videos

[@GaoneThapelo-mx3fn]

Hy what if we have both debentures and long term loan in the trial balance, how do it

[@viviankhadhoori8368]

Thanks a lot, you explained very clear but if I had the directors proposed to pay the dividend for the preference share and 1% dividend for ordinary share capital, Ordinary share capital 50000, and 8% preference share capital, what I have to do?

[@tendaimundoringisa6502]

Hello after profit after tax ,you can subtract the appropriations such as divided etc

[@nodineludik2585]

How would you do a income statement if they give you the cash book summary and extracts from ledger balance?

[@amuleemmanuel7748]

Thank you so much . however in a situation like this (for business with sales exceeding 800,000 is taxed at a rate of 8%) is it affecting the Income statement ?

[@TheEloim_]

If your countrys tax rate is different you will of course apply your 8% at the bottom of the income statement when doing the tax expense

[@truthhurts9714]

Well explained, sir.
But what should I do if the question just says 'carriage' without specifying whether it is carriage on sales or carriage on purchases?

[@Counttuts]

I would assume that if it just says carriage, it refers to carriage on purchases, but the question to be clear on that.

[@notrllyus]

most tests isnt the provision of bad debts is usually in its own columns(either as an incom or expense) or is that not departmental standard

[@manasemotimele1396]

Which question paper are you using? Month and Year.

[@ibrahimbakheet6864]

Thanks

[@tstambuly1828]

is this also known as trading and profit account