Net sales, Accounting Standards

This includes both cash and credit sales of goods. From this demonstration of total sales, sales return also termed as Returns Inward, if any then is deducted in the inner column and the net sales amount is demonstrated in the outer column on the credit side of the Trading Account. Sales of assets are not credited to the Trading Account. This must be noted, if goods have been sold but not even dispatched, these must not be demonstrated under sales but are comprised in closing stock if the property or ownership in the goods has not passed to the customer. However if the property/ownership in the goods has passed to the customer goods sold but not even dispatched this will not be included in closing stock but will be termed as sales.

Subsequent is the proforma of the Trading Account:

Trading Account For the Year Ended

224_Net Sales.png

Posted Date: 4/3/2013 6:20:37 AM | Location : United States







Related Discussions:- Net sales, Assignment Help, Ask Question on Net sales, Get Answer, Expert's Help, Net sales Discussions

Write discussion on Net sales
Your posts are moderated
Related Questions
tools and techniques of financial statement

Hello, I am interested in help on an ACCO 310 case which is due on Tuesday the 13th at 12 PM. Please contact me at your earliest convenience and hopefully we can work something ou

In previous section you learnt about the accounting involves four stages: (i)  recording the transactions, (ii)  classifying-the transactions, (iii) summarising  the trans

Wise Owls, an NFPO, began operations at the beginning of 20X1 to provide free tutoring and homework assistance, as well as a nutrition program, to low-income immigrant children. T

The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la

This time of year we all here about football. For me it is the bad news of how poorly the Buffalo Bills are performing. Hopefully your favorite team is doing well. One thing we all

Question : (a) Name the agent architectures which are commonly used for designing intelligent agent systems. (b) Name the design methodologies that will be used for constru

Imputed Interest - If no interest or an unrealistic amount of interest is charged in a salve involving certain kinds of deferred payments, then transaction would be treated as if r

WHAT ARE THE AIMS AND OBJECTIVES IN STUDYING THE IMPACTS OF ACCOUNTING STANDARDS IN THE PREPARATION OF FINANCIAL STATEMENTS

1)   List every item debited or credited in the Profit and Loss account. 2)   Illustrates the difference among Trading Account and Profit and Loss Account. 3)   Illustrates t