COGS
This query is : Resolved
14 January 2011
Dear Sir,
Cost of Goods Sold is a P&L Item Or Balance Item,Please tell me the Accounting procedure & Capital Stock what does it Mean it is a Capital Account or what.
Cost of Goods Sold is a P&L Item Or Balance Item,Please tell me the Accounting procedure & Capital Stock what does it Mean it is a Capital Account or what.
14 January 2011
Bhai Saheb,
Better join one good accountancy class.
However; for simplicity keep in mind the following :
1. Whatever assets remains in your hand and liabilities remain outstnaing; will be shown in Balance Sheet.
2. Income and Expenses related items would be shown in Profit and Loss Account.
Cost of Goods Sold is Cost
i.e.
Expenditure
hence pertains to Profit and Loss Account.
Bhai Saheb,
Better join one good accountancy class.
However; for simplicity keep in mind the following :
1. Whatever assets remains in your hand and liabilities remain outstnaing; will be shown in Balance Sheet.
2. Income and Expenses related items would be shown in Profit and Loss Account.
Cost of Goods Sold is Cost
i.e.
Expenditure
hence pertains to Profit and Loss Account.
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