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JC Trading Account

Jc Trading Account measuring business profitability

QuestionAnswer
The Trading Account records all the details about the goods or services that were bought and sold by a business during the previous year.
The Trading period refers to the length of time the final accounts are prepared for.
Sales The value of goods sold.
Purchases The cost of goods/materials puirchased.
Sales Returns (Returns In) The value of goods that were returned to the firm.
Purchases Returns (Returns Out) The costs of goods purchased were returned by the firm.
Opening Stock The cost of good held in stock at the start of the period.
Closing Stock The cost of goods held in stock at the end of the period.
Carriage Inwards Transport costs of bringing goods/material into the factory.
Import / Custom Duties Any taxes the firm had to pay on goods they purchased or imported from certain other countries.
Gross Profit/Loss it is the difference between the total amount of sales during the period and the total amount it cost the firm to purchase and prepare these good for sale.
Created by: ms.scahill
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