I need to prepare all 3 as evidence for an incapacity benefit claim.
I'm in the UK. It's a limited company.
Please don't tell me off for my ignorance or laziness. I've never been to business school and I'm ill!
2007-03-25 23:04:44 · 7 answers · asked by AlexChappel 4 in Business & Finance ➔ Small Business
The balance sheet shows the company's assets, liabilities and owners equity at one point in time (eg year end)
The profit and loss statement shows the summary of sales, cost of goods sold and expenses for the business for the year ending....
And the trading account is the top section of the profit and loss statement that shows how gross profit was derived (ie opening inventory + purchases - closing inventory) - it shows what stock was traded during the period
If you are this unsure, I would recommend getting an accountant to create these for you.
2007-03-25 23:29:43 · answer #1 · answered by Anonymous · 1⤊ 0⤋
1
2016-12-25 04:31:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The balance sheet shows balances, usually at year end, including receivables, assets etc.
A P&L account shows profits / losses, turnover made during that year.
The difference between the above 2 is that the former shows balances at one point in time, while the latter shows transactions over a 12 month period.
A trading statement is a forecast of future earnings
2007-03-25 23:09:10 · answer #3 · answered by gav 4 · 0⤊ 1⤋
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2016-02-15 18:09:55 · answer #4 · answered by ? 3 · 0⤊ 0⤋
A is actual B is misguided. in case you won $500, then you definately would desire to debit funds and credit debts payable. besides the shown fact that it is not clean who you won the money from. If a shopper, you would be able to desire to credit debts receivable. C is actual D is misguided. The credit is to debts receivable for the reason that they are paying down their account. E is actual
2016-11-23 16:17:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Profit - extra money that u have earned after selling a product
Loss - money that u have lost. :-(
Balance sheet - at the end of a year it shows ur earnings Vs Expenses.
2007-03-25 23:29:48 · answer #6 · answered by Anonymous · 0⤊ 2⤋
what is gross profit formula
2016-10-31 22:33:24 · answer #7 · answered by Kulsuma Khan 1 · 0⤊ 0⤋