668833
| Question | Answer |
| Closing Balance Sheet (how to get it?) | • OPENING BALANCE SHEET • + INCOME FOR THE YEAR → INCOME STATEMENT • +/- CAPITAL INTRODUCED INTO THE BUSINESS OR WITHDRAWN |
| Capital Account | BALANCE AT START OF YEAR ADD: PROFIT FOR YEAR ADD: CAPITAL INTRODUCED LESS: DRAWINGS BALANCE AT END OF YEAR |
| Format of Income Statement | REVENUE LESS: COST OF SALES =GROSS PROFIT LESS: EXPENSES =PROFIT FOR THE YEAR (TRANSFERRED TO CAPITAL ACCOUNT) |
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