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Income statement

Louise:)Louise:) Feels At HomeRegistered Posts: 29
in AAT Level 4 (Level 8 in Scotland)
hello,

i am having alot of trouble when calculating the receivables and payables for the income statements.

could u please tell me, what is to be included in these when i calculate them.

thx

:)

Comments

  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    Receivables and payables are assets and liabilities respectively so don't go in the income statement - they go into the statement of financial position.

    It's the Sales and purchases which go into the income statement.

    Are you doing incomplete records and using the receivables and payables to calculate the sales and purchases? Is that where you are having trouble?
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