Matching Pairs Income Statements - Trading AcOnline version Chapter 27 by Ciara Mealy 1 Carriage Inwards 2 Cost of Sales/Cost of Goods Sold 3 Customs Duty 4 Closing Stock 5 Purchases 6 The Profit and Loss Account 7 The Trading Account 8 Opening Stock 9 Sales 10 Income Statement The value of good held in stock at the end of the financial year Calculates the gross profit (or loss) that they business has made from selling its products and services The cost of having purchases delivered to the business The cost to the business of selling the goods that were actually sold during the trading period The cost of goods held in stock at the beginning of the financial year. This may be stock of finished goods and/or raw material A tax paid on purchases from countries outside the EU Made up of the trading account and the profit and loss account The value of goods sold by the business Calculates the net profit (or loss) after deducting expenses from the gross profit figure The costs of goods bought during the year.
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