- This topic has 3 replies, 2 voices, and was last updated 9 years ago by
.
Viewing 4 posts - 1 through 4 (of 4 total)
- Posts
balance sheet
Inventory: 12,400
Notes
Sold entire inventory for $16,500. The cash receipt was immediately lodged to the business account.
I recorded
Dr bank $16500
Cr Inventory $12,400Cr Profit $ 4,100
However when I came to do the revised statement I was unable to included profit . where do I have to record the 4,100
The double entry is Dr Bank and Cr Sales.
The entry for inventory is only made at the end of the period, and the profit is the balancing figure on the Statement of profit and loss t-account.
I do suggest that you watch the free lectures for Paper F3. If you watch them in order (using the free lecture notes also) then they form a complete course and cover everything you need for Paper F3.
Viewing 4 posts - 1 through 4 (of 4 total)
- You must be logged in to reply to this topic.