Accounting - Income statement and Balance sheet statement

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Income statement and Balance sheet statement

Which items belong in income statement and do not belong in balance sheet statement

Total Answers and Comments: 4

Last Update: July 16, 2008 Asked by: johnny

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December 05, 2007 15:21:18

devakiram

Member Since: December 2007 Contribution: 2

RE: Which items belong in income statement and do not belong in balancesheet statement

All the expenses, incomes and COGS are in the income statement.

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December 18, 2007 15:59:34

Rekha yadav

Member Since: December 2007 Contribution: 2

RE: Which items belong in income statement and do not belong in balancesheet statement

Income Statement or                                                         Balance Sheet statement
Profit & Loss statemet

Debit                                                                 It records all Assets, Liabilties, Capital
1. All Expenses
2. Office Expenses
3. Administrative Expenses
4. Selling & Distribution Expenses
Credit
All income & gains
Sales
Commission received
Rent received etc.

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January 15, 2008 15:07:13

kanr707

Member Since: January 2008 Contribution: 2

RE: Which items belong in income statement and do not belong in balancesheet statement

Dear Rekha...

I want to correct something if you do not mind,

About the items which you mentio it in the income statement, It does not Include capital.

Capital is included in the balance sheet.

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July 15, 2008 23:43:06

bart simpson

Member Since: July 2008 Contribution: 1

RE: Income statement and Balance sheet statement

examples of a income statement and balance sheet

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