Preparation of financial statements: Departmental businesses 2020

Departmental Trading account Layout

Paint Wallpaper
department department

$ $ $ $

Revenue xx xx

Returns inwards (xx) (xx)

xx xx

Inventory at 1 January 2020 xx xx

Purchases xx xx

Carriage Inwards xx xx

xx xx

Returns outwards (xx) (xx)

xx xx

Inventory at 31 December 2020 (xx) (xx)

Cost of sales (xx) (xx)

Gross profit xx xx

Other incomes:

Rent receivable xx xx

Profit on disposal xx xx

Discount received xx xx

xx xx

Less Expenses:

Wages and salaries xx xx

Insurance xx xx

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Preparation of financial statements: Departmental businesses 2020

Carriage outwards xx xx

Rent and rates xx xx

Heat and light xx xx

(xx) (xx)

Departmental profit xx xx