All Junior Cert Business Studies posts
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    profit and loss accounts :) colleen <3

    hey, only a few day to go till the jc starts....i had a very bad tacher for the last two yesrs for business and have no clue how to do profit and loss accounts.. any tips :)

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      leon o donovan

      more or less add up all income and then all expenditure and then take one from the other and see if you have an surplus or deficit.

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      business.bgs@gmail.com

      Trading, P&L and B/s with adjustements: Last minute revision:

      Familiarise yourself with the layout:

      Trading P&L is as follows: (Simplified)

      Sales 

      Less cost of sales: ((Opening stock + net purchases + other costs to bring goods in) - closing stock)

      This then gives you gross profit.

      Add on any other gains - this gives you adjusted gross profit.

      Subtract all expenses involved in selling

      This gives you net profit.

      Add on any profit left over from the previous year & subtract any dividene paid.

      This gives you General reserve.

       

      Balance Sheet:

      A: Total fixed assets

      B: Total current assets and subtract total liabilities. (Usually CA>CL)

      Add the balance of B to A - THis gives you net worth.

      Financed by:

      Add up Issued share capital, long term loans, debentures if any and general reserve.

      Check out the following link to a PDF file that I think should be of use to you: http://www.bandon.ie/wp-content/uploads/2012/06/Adjustments_Solutions_-_Where_they_go.pdf

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      yes this is my user name

      ^ That comment just about sums it up! Good luck! :)

    4. avatar image

      yes this is my user name

      ^ That comment just about sums it up! Good luck! :)

    5. avatar image

      yes this is my user name

      ^ That comment just about sums it up! Good luck! :)

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      Me

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