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3-Month Accounting Course
3MAC Training
FINANCE COACH
Finance Coach 3MAC Training Video
Purpose of this Webinar
How solid is your Financial Education? Improve it now with the… 3-Month Accounting Course (for non-accountants)
Welcome to the Webinar
“Reviewing the trading performance of a business…”
Reminder:
“What items are listed on a Profit & Loss statement?” 3MAC Week 1 Page 13
Profit & Loss
Main Parts of a Profit & Loss Statement: 1. Sales 2. Cost of Goods Sold 3. Gross Profit 4. Overhead Expenses 5. Net Profit (or Loss!)
© Copyright 2012, UBT
Profit & Loss
A Defined Period
3MAC Week 2 Page 6
Where did the data come from?
3MAC Week 2 Page 7
Step 1: Validate the Transaction
Phone Bill
3MAC Week 2 Page 6
First Check: • Is this for us? • Who ordered it? • Is there a purchase order for it? • Have we been supplied the correct quantity… • …at the correct price? • Is any freight charged correct? • Does the supplier’s invoice comply with local tax law? • Has it already been entered in the bookkeeping system? (Check both Orders and Bills)
Step 2: Classify the Purchase
3MAC Week 2 Page 8
Data in…
3MAC Week 1 Page 19
The workings:
3MAC Week 2 Page 9
Sales are Recorded:
3MAC Week 2 Page 9
Cost of Sales Deducted:
3MAC Week 2 Page 9
The workings:
3MAC Week 2 Page 9
Where do the Profits go? Profit Transferred
Profit & Loss 3MAC Week 2 Page 9
Equity
What if there was a Loss? Loss Neutralised
Profit & Loss
3MAC Week 2 Page 9
Equity
Financial Reports ABC Confectionery Co PROFIT & LOSS For the period ending 31 December 2010
ABC Confectionery Co PROFIT & LOSS For the period ending 31 December 2011
SALES
$3,457,841
SALES
$3,978,507
COST OF SALES Opening Stock Purchases Available for Sale Less: Closing Stock Cost of Goods Sold
$414,574 $2,244,845 $2,659,419 -$457,685 $2,201,734
COST OF SALES Opening Stock Purchases Available for Sale Less: Closing Stock Cost of Goods Sold
$457,685 $2,711,884 $3,169,569 -$473,260 $2,696,309
GROSS PROFIT
$1,256,107
GROSS PROFIT
$1,282,198
EXPENSES Marketing Administration Financial Total Expenses
$178,459 $795,481 $59,845 $1,033,785
EXPENSES Marketing Administration Financial Total Expenses
$198,752 $781,404 $69,854 $1,050,010
NET PROFIT
3MAC Week 2 Page 14
$222,322
36%
6%
NET PROFIT
$232,188
32%
6%
Inventory Costing:
Cost of Goods Sold: SALE!
Stock on Hand 3MAC Week 2 Page 18
Inventory Costing: Inventory
3MAC Week 2 Page 22
Tax Calculations: Tax
3MAC Week 2 Page 28 & 31
GST/VAT Intro:
3MAC Week 2 Page 37
Any Questions?
Next Week
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COPYRIGHT 2013 This presentation is copyright of UBT Accountants, and must not be distributed, copied, lent or hired.
Any misuse of this presentation will result in legal prosecution.
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END