Company income statement

gillwilson Registered Posts: 41 Regular contributor ⭐

I am just trying to do a company income statement from a trial balance and have deveploped brain freeze (it has been a long day).

I am stumped as to where to put discounts allowed and received and carrriage inwards.

Can anyone help

Thanks in advance


  • gillwilson
    gillwilson Registered Posts: 41 Regular contributor ⭐
    I think I get it now.

    What was confusing me was I was asked to produce an internal income statement including these items. So I figure it is exactly the same as a p & l. The thing confusing me was where do these items go on a published income statement. (within notes but which sections)

    Am I getting this completely wrong - new to DFS, thought it would be easy - an extension of FRA????

  • Gem7321
    Gem7321 Registered Posts: 1,438 Beyond epic contributor 🧙‍♂️
    An income statement is the profit and loss account, it's just the international term whereas we've been used to UK standards
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