Accounting By Usman Zuberi

What Is Trading Account Trading Account is prepared to calculate the Gross Profit of an entity for a particular time period. Time period may be 1 year, 3 months or 1 month. Trading Account shows following items: Sales / Revenues Sales Returns Cost of Sales and  Gross Profit Cost of Sales = Opening Stock (Inventories) + Purchases - Closing Stock (Inventories) Gross Profit = Sales - Cost of Sales Example: ·         ABC Company has following details ·         Inventory at 1 st September, 2017 = $100 ·         Purchases of stock during the year = $300 ·         Inventory at 31 ST August, 2018 = $150 ·         Sales for the year = $400 1)                  Calculate Cost of Sales and Gro...

Depreciation is the gradual charging to an expense of an asset's cost over its expected useful life.  It is an expense therefore charged in Income Statement of an entity

Cambridge International AS And A Levels Cambridge International AS and A Levels are equivalent to the AS and A Levels taken by learners in UK.  Cambridge International AS and A Levels are accepted for entrance to UK universities.   AS and A Level Curriculum: After passing Cambridge O Levels students joins Cambridge International AS and A Levels which help students to build understanding and skills in the following areas: Independent thinking   Application of knowledge Understanding of familiar as well as new situations Logical thinking Decision making,  Judgments and recommendations Presenting explanations  reasoning etc etc In depth subject content Concepts clarity  Subjects Offered Almost 55 subjects are offered from which choices can be made. Science, Commerce and other subjects are offered in Cambridge AS and A Level qualification.  Details of the subjects offered by Cambridge AS and A Level can be seen from the fol...