Scribd Logo
Upload

Welcome to Scribd!

  • Sopl

    Uploaded by

    Syahirah
    89 views2 pages
    The document outlines the basic accounting process from transactions to financial statements. Transactions are first recorded in a journal or book of prime entry, then posted to individual accounts in a ledger. A trial balance is prepared from the ledger accounts. Adjustments may be made and financial statements such as the statement of profit and loss and statement of financial position are prepared from the adjusted trial balance. The statement of profit and loss shows revenues, costs, expenses and net profit/loss. Cost of sales is calculated as opening inventories plus net purchases plus purchasing expenses minus closing inventories. The statement of financial position lists assets, liabilities and equity.

    Original Description:

    acc

    Original Title

    sopl

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document outlines the basic accounting process from transactions to financial statements. Transactions are first recorded in a journal or book of prime entry, then posted to individual accounts in a ledger. A trial balance is prepared from the ledger accounts. Adjustments may be made and financial statements such as the statement of profit and loss and statement of financial position are prepared from the adjusted trial balance. The statement of profit and loss shows revenues, costs, expenses and net profit/loss. Cost of sales is calculated as opening inventories plus net purchases plus purchasing expenses minus closing inventories. The statement of financial position lists assets, liabilities and equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    89 views2 pages

    Sopl

    Uploaded by

    Syahirah
    The document outlines the basic accounting process from transactions to financial statements. Transactions are first recorded in a journal or book of prime entry, then posted to individual accounts in a ledger. A trial balance is prepared from the ledger accounts. Adjustments may be made and financial statements such as the statement of profit and loss and statement of financial position are prepared from the adjusted trial balance. The statement of profit and loss shows revenues, costs, expenses and net profit/loss. Cost of sales is calculated as opening inventories plus net purchases plus purchasing expenses minus closing inventories. The statement of financial position lists assets, liabilities and equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    ACCOUNTING PROCESS

    JOURNAL/BOOK LEDGER/T
    TRANSACTIONS TRIAL BALANCE SOPL & SOFP
    OF PRIME ENTRY ACCOUNT

    Source of documents Adjustments

    SOPL FORMAT

    NET SALES
    LESS: COST OF SALES
    GROSS PROFIT

    ADD: OTHER
    REVENUES
    LESS: OTHER
    EXPENSES

    NET PROFIT/LOSS
    COST OF SALES
    (OPENING INVENTORIES + NET PURCHASES + ALL EXPENSES RELATED TO
    PURCHASING ACTIVITIES) – CLOSING INVENTORIES
    SOFP FORMAT

    You might also like