Accounting 105: Profit or Loss Statement & Balance Sheet
Learn about various items in Trading and Profit or Loss Account, double entry postings, treatment of accruals and prepayments, and simplified understanding of Accounting. Prepare Trading, Profit or Loss Account and Balance Sheet in vertical and horizontal format. Suitable for students studying Accounting or wanting to improve their knowledge.
You will learn items in the Trading Account .You will learn about the various items in the Profit or loss Account.You will get detailed meaning of each item and how they can be posted.You will be able to understand the double entry postings in a Trading, Profit or loss AccountYou will also be able to treat Accruals, Prepayments, Accumulated Depreciation at the end of the LessonYou will learn the Difference between the horizonal and vertical posting formatsYou will also gain a simplified understanding of Accounting after watching this course.In this course you will be able to learn about:1. the various items in the Trading Accounts2. the various items in the profit or loss account3. the relevant items in the balance sheet.4. how to treat items in the additional information or notes to account.5. how to treat items in the trial balance6. how to treat depreciation of assets.7. how to treat accrued expenses/expenses owing/unpaid expenses8. how to treat prepaid expenses/expenses paid-in-advance.9. how to treat income prepaid/paid in advance.10. how to treat accrued income/income owing/unearned income.11. the items that are meant to be posted on the debit side of the trading account of the sole proprietor.12. the items that are meant to be posted on the credit side of the trading account of the sole proprietor.13. the items that are meant to be posted on the debit side of the profit or loss account of the sole proprietor.14. the items that are meant to be posted on the credit side of the profit or loss account of the sole proprietor.15. the meaning of each items in the trading account16. the meaning of each items in the profit or loss account17. the meaning of each items in the statement of financial position / balance sheetIn this course you will also learn how to prepare;1. the Trading, Profit or Loss Account (Vertical and Horizontal Format)2. the Balance sheet (Vertical and Horizontal Format)Who this course is for:Students who are willing to study Accounting,Students undertaking an exam in Accounting or who want to just improve their accounting knowledge
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