Net sales, Accounting Standards

Assignment Help:

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


Related Discussions:- Net sales

Government accountability office, Government Accountability Office (GAO) - ...

Government Accountability Office (GAO) - Accounting and auditing office of the United States government. An independent agency which reviews federal financial transactions and repo

Standard error of the mean, To finish  this scenario, use the Sample Size E...

To finish  this scenario, use the Sample Size Estimator Sheets A, B of this file. In the previous years of the twenty-first century, annual salaries for federal employees in the

Current liabilities, Current Liabilities We have studied about liabili...

Current Liabilities We have studied about liabilities are claims of outsiders against the business. Conversely, these are amounts owed through the business to people who have

Stockholders'' equity, a.Compute the number of preferred shares that were i...

a.Compute the number of preferred shares that were issued during 20X6, which is Preferred stock, $100 par value, 10% $580,000 $500,000

Accounting education change commission, Q. Accounting Education Change Comm...

Q. Accounting Education Change Commission? Accountants in practice as well as business executives have generally been dissatisfied with accounting graduates' capability to thin

What do you mean by accounting environment, Q. What do you mean by Accounti...

Q. What do you mean by Accounting Environment? Record keeping in an accounting sense is deliberation to have begun about 4000 BCE. The control, record-keeping, and verification

Accounting principles, Accounting like a field of study in its developmenta...

Accounting like a field of study in its developmental process has evolved a theoretical framework consisting of concepts or principles over period of time. Such concepts enjoy a wi

Accounting information, explain how accounting information may be used when...

explain how accounting information may be used when an owner wants to justify a price in one of their lines of house paint

Receipts and payments by cheque, You must be aware about the most of busine...

You must be aware about the most of business are made through cheques these days. It involves the bank whether the firm has opened its own account. Thus when payment is made by che

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd