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JC Profit and Loss

Calculating the profit after any other income and expenses have been considered

QuestionAnswer
Dividends The portion of net profit given to shareholders. It is calculated as a % of Issued Share Capital.
Overheads Another name for expenses, incurred by a business when selling goods or services. Eg Wages, Light & Heat, Insurance
Net Loss This happens when expenses are greater than Gross Profit.
Net Profit This happens when expenses are less that Gross Profit.
Carriage Out The cost of delivering goods to customers.
Gains Additional income earned by the business other than sales income. Examples Rent received, commission and interest received.
Profit & Loss Account The account that calculates the net profit or net loss of the business after adding gains and subtracting expenses.
Appropriation Account A continuation of the P & L Account, it shows how the net profit is divided up into dividends and reserves.
Reserves- Retained Profit The portion of net profit that is retained by the business.
Discount This is something that reduces the price of a good.
Created by: ms.scahill
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