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DOUBLE ENTRY BOOKKEPPING

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › DOUBLE ENTRY BOOKKEPPING

  • This topic has 1 reply, 2 voices, and was last updated 2 weeks ago by John Moffat.
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  • Author
    Posts
  • September 20, 2025 at 3:47 pm #722924
    petestudentacca
    Participant
    • Topics: 5
    • Replies: 3
    • ☆

    Sam prepared a draft statement of profit or loss for the business as follows:

    Revenue 256,800 CR
    Cost of sales
    Opening inventory 13,400 DR
    Purchases 145,000 DR
    Closing inventory (14,200)DR
    (144,200)
    Gross profit 112,600 CR
    Operating expenses (76,000) CR
    Operating profit 36,600 CR

    Sam has not yet recorded the following items:

    Carriage in of $2,300

    Discounts received of $3,900

    Carriage out of $1,950

    After these amounts are recorded, what are the revised values for gross and operating profit of Sam’s business?

    Can you ecxpalin me how to get solution. Thank you!

    September 21, 2025 at 7:35 am #722929
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54759
    • ☆☆☆☆☆

    Carriage in and discounts received both affect the cost of sales figure and therefore the gross profit ( and therefore the operating profit as well).

    Carriage out does not affect the gross profit, but will affect the operating profit.

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