What is Cost of Sales?
Cost of Sales Opening stock Plus Purchases Less Closing stock = Cost of Sales Cost of Sales is direct cost of product sold, shown in
Cost of Sales Opening stock Plus Purchases Less Closing stock = Cost of Sales Cost of Sales is direct cost of product sold, shown in
Input VAT If your business is registered for VAT, you can claim back VAT charged to you on products and services Input VAT = Expense
Output VAT If your business is registered for VAT, you will charge VAT on the sale of products and services Output VAT = Sales *
Income received in advance Income is received before the business has delivered the product or service for the benefit of customer Income received in advance
The business has an obligation to repay the debt (principal & interest) Repaying interest on the debt applies whether the business makes a profit or
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