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Accounts summary?

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  • 06-02-2007 12:13pm
    #1
    penny Toolan
    Closed Accounts Posts: 9 ✭


    Could someone more knowledgeable please check if my understanding of accounts summary figures for sole traders year is correct?

    1. (Total sales + stock held at year end) - (cost of sales) = Gross Profit

    2. Gross Profit - other expenses - motor expenses = Net Profit

    3. Net Profit - capital allowance for van = Taxable Profit or Loss

    I've made personal deductions for motor and heat/light etc before including them.

    Are all above assumptions correct? Any help would be greatly appreciated, as this is my first year doing this, and althought numbers are small, I need to get it right first time!

    Thanks,
    Penny


Comments

  • Options
    #2
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    Profit and Loss for the year end **/**/**

    Revenue

    Sales 100

    Total Sales 100


    Cost of Sales


    Opening Stock 0
    Purchases 50
    50
    Less: Closing Stock 25

    Gross Profit 25

    Administration Expenses

    Light and Heat
    Motor Expenses
    Wages
    Sundry
    Depreciation

    Net Proft


  • Options
    #3
    blue4ever
    Registered Users Posts: 1,255 ✭✭✭blue4ever


    make sure as well that you claim for everything - dont forget that if you work away from home you are intitled to calim per day that you do.


  • Options
    #4
    penny Toolan
    Closed Accounts Posts: 9 ✭penny Toolan


    Thanks everyone for your replies - much appreciated


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