ࡱ>  bjbj$$ F|F|66DܐF[]]]]]]$"Ԕklv[[:_,+{u G0ܐRƕpƕƕ`ܐƕ6 V: Trading and Profit and Loss Accounts: Further Considerations Returns Inwards and Returns Outwards A large number of firms return their goods to their suppliers (Returns Outwards). Also it is likely that through the course of the financial year that customers will return goods to your firm (Returns Inwards). Returns Inwards (Sales Returns) and Returns Outwards (Purchases Returns) are both recorded in the Trading Account. Dr Returns Inwards Account Cr 2XX5$2XX5$6 Jan. Jake (Debtor)503 March Richard (Debtor)756 June Blinky (Debtor)2531 Dec. Trading or Income St.150150150 Dr Returns Outwards Account Cr 2XX5$2XX5$12 Feb. Daley (Creditor)8012 Nov. Shooter (Creditor)12031 Dec. Trading or Income St.22013 Dec. Khan (Creditor)20220220 B Swift (Horizontal Trading Account) Trading & Profit and Loss Account (Income Statement) for the year ended 31.12.X5 $$$$Purchases6240Sales8000Less Returns Outwards2206020Less Returns Inwards1507850Less Closing Stock600Cost of Goods Sold5420Gross Profit Bal. c/d243078507850Gross Profit Bal. b/d2430 B Swift (Vertical Trading Account) Trading & Profit and Loss Account (Income Statement) for the year ended 31.12.X5 $$Sales8000Less Returns Inwards1507850Less Cost of Goods SoldOpening Stock0Add Purchases or Inventory6240Less Returns Outwards2206020Less Closing Stock6005420Gross Profit2430 Carriages Inwards and Outwards The cost of the transport of goods (stock) into a firm is called Carriage Inwards (Purchases Carriages). The cost of delivering goods from the firm to the customer is known as Carriage Outwards (Sales Carriages). If a supplier charges you for the delivery of the goods on top of the cost of the purchases then accountants add this to the cost of sales. Therefore the cost of carriage inwards is recorded in the Trading Account. If you pay to deliver the goods to a customer then this cost is charged as an expense in the Profit and Loss Account of the firm. In both cases they are debit entries because they reduce the amount of sales located on the credit side of the trading and profit & loss account. Example Dr Carriage Inwards Account Cr 19X5$19X5$31 Dec.Jeffs20031 Dec.Trading or Income St.200 Dr Carriage Outwards Account Cr 19X5$19X5$31 Dec.Prince30031 Dec.Profit & Loss or Income St.300 B Swift (Horizontal Trading Account) Trading & Profit and Loss Account (Income Statement) for the year ended 31.12.X5 $$$$Purchases6240Sales8000Less Returns Outwards220Less Returns Inwards1507850Add Carriage Inwards2006220Less Closing Stock600Cost of Goods Sold5620Gross Profit Bal. c/d223078507850Gross Profit Bal. b/d2230Less ExpensesElectricity100Wages1000Carriage Outwards300Rent4001800Net Profit Bal. c/d43022302230Net Profit Bal. b/d430The Vertical Trading and Profit and Loss Account Format The vertical format is laid out in such a way so as to be more user-friendly for non accountants: B Swift Trading & Profit and Loss Account (Income Statement) for the year ended 31.12.X5 $$Sales8000Less Returns Inwards1507850Less Cost of Goods SoldOpening Stock0Add Purchases or Inventory6240Less Returns Outwards220Add Carriage Inwards2006220Less Closing Stock6005620Gross Profit2230Less ExpensesRent400Electricity100Wages1000Carriage Outwards3001800Net Profit430 Further Considerations: Sales Turnover = Sales Sales Returns (Returns Inwards) Net Purchases = Purchases Purchases Returns (Returns Outwards) How is gross profit affected if opening inventory (stock) is incorrect? Overvalued Gross Profit decreases Undervalued Gross Profit increase How is gross profit affected if closing inventory (stock) is incorrect? 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