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journal entry/trial balance

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › journal entry/trial balance

  • This topic has 5 replies, 3 voices, and was last updated 5 years ago by John Moffat.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • March 27, 2020 at 9:53 pm #566000
    Anonymous
    Inactive
    • Topics: 3
    • Replies: 0
    • ☆

    Sales revenue on credit totalled £526,000 (cost of sales £181,000).
    Cash sales revenue totalled £88,000 (cost of sales £32,000)

    what does these problems mean by cost of sales? how can I classify it?

    March 28, 2020 at 9:50 am #566037
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    Cost of sales is what the goods that were sold cost the company to buy.

    The gross profit is the sales revenue less the cost of the sales.

    All of this is explained in my free lectures. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

    April 24, 2020 at 6:18 pm #569167
    minhhanghvtc
    Participant
    • Topics: 5
    • Replies: 8
    • ☆

    I came across a question, it showed a list of balances and asked which items belong to the soFP as at 31 Oct 20X7. The answer did not include inventory at 1 Nov 20X6 but i have seen some soFP and all of them both show opening balances and closing balances presented in 2 columns. Could you explain it sir

    April 25, 2020 at 10:53 am #569192
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    The SOFP only shows the balances at the end of the accounting period.

    The reason some businesses also show the balances at the end of the previous accounting period is simply to that the owners can compare this year with last year.

    I do suggest that you watch my free lectures – they are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

    April 26, 2020 at 4:48 am #569249
    minhhanghvtc
    Participant
    • Topics: 5
    • Replies: 8
    • ☆

    Thank you so much for your help. I’ll go through all of your lectures :)) stay safe in this covid 19 pandemic

    April 26, 2020 at 9:26 am #569263
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    You are welcome, and thank you 🙂

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The topic ‘journal entry/trial balance’ is closed to new replies.

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