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Preparation of Financial Statements-Departmental Accounts

The document provides an example layout for departmental trading accounts for a paint department and wallpaper department. It includes line items for revenue, returns, inventory, purchases, cost of sales, other incomes like rent and discounts, expenses like wages, insurance, carriage and rent, and the final departmental profit.

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Heavens Mupedzisa
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50 views2 pages

Preparation of Financial Statements-Departmental Accounts

The document provides an example layout for departmental trading accounts for a paint department and wallpaper department. It includes line items for revenue, returns, inventory, purchases, cost of sales, other incomes like rent and discounts, expenses like wages, insurance, carriage and rent, and the final departmental profit.

Uploaded by

Heavens Mupedzisa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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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

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