Accounting – 2.1 The double entry system of book-keeping | e-Consult
2.1 The double entry system of book-keeping (1 questions)
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Answer 2
Income Statement for XYZ Ltd for the year ended 31st December 2023
| Item | £ |
| Sales Revenue | 80,000 |
| Cost of Goods Sold | 40,000 |
| Gross Profit | 40,000 |
| Administrative Expenses | 15,000 |
| Finance Costs | 5,000 |
| Profit Before Tax | 20,000 |
| Tax Expense | 5,000 |
| Profit After Tax | 15,000 |