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If you don t include your unsold stock this can create an inflated profit or even a loss on your report.
Opening and closing stock in profit and loss account. As you can see the profit and loss account starts with the gross profit and deducts expenses to arrive at net profit. 1 finding out the gross profit or gross loss and then 2 finding out the net profit or net loss. A trading account helps in determining the gross profit or gross loss of a business concern made strictly out of trading activities. In the trading account the cost of goods sold is subtracted from net sales for the period to calculate gross profit only direct revenue and direct expenses are considered in it.
What is a trading account. At the end of the year every business must ascertain its profit or loss. Gross profit sales purchases. Net profit is the profit that is owed to the owner s of the business.
You can ensure unsold stock is included by posting opening and closing stock journals. By default the profit and loss report calculates the gross profit as. What is opening stock stock which we have at beginning of a month or year is called opening stock closing stock of last month becomes opening stock of current month q 4 continuing last question there were 3 mobile phone closing stock left in janaury all 3 were sold in february at 18000 each prepare profit and loss of feb view answer. This is done in two stages.
Gross profit is the. Trading involves buying and selling activities. Opening and closing stock transactions are posted to adjust the profit and loss calculation so that the profit figure for a specific period takes into account any unsold stock. However if you post opening and closing stock transactions the.
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