Statement of Comprehensive Income (Income Statement) | Full Example

In this accounting lesson, we go through a thorough example of preparing the statement of comprehensive income (Income Statement). We show how to do the income statement when given the pre-adjustment trial balance and additional information for adjustments. We explain the treatment of adjustments in the statement of comprehensive income and the format for the income statement.
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[@chammeana]

Thank you. You explained this very well.

[@Counttuts]

You are welcome. Thank you for the feedback.

[@hayatabdu9983]

Thank you

[@sylvianahmwamba1403]

Thank you for this its really helpful

[@RhodahMukhwana42]

Thank you! I can now do my F.A assignment. Awesome lecture!

[@ntokozomokwane1329]

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[@annelievanwyk327]

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[@rebeccanansubuga2236]

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[@josegalvez670]

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[@idealbusinessresourcescons1990]

I like the way you explain the Accounting Principles.

[@yoliswagumede]

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[@Counttuts]

Thank you for the feedback Yoliswa. And thank you for sharing, greatly appreciated :).

[@daphineotoigo8037]

im so grateful for this wonderful lesson. thanks

[@adajisolomon5009]

Thanks, well explained and understood.

[@annacletanashira2630]

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[@sarishjainarain1530]

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[@polokomogatusi3787]

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[@l.muwuyamuwuya9326]

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[@boimamaleto9761]

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[@chanumuyadeborah5069]

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[@kudzieykudzai4762]

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[@joshuamulandi6687]

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[@kamogelosambo9396]

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[@tutorials_with_mateyo]

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[@sharongakii9233]

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[@ebenezerfynn1604]

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[@user-jg1ke7jx7n]

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[@ireenmkandawire5844]

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[@velaphimdhluli5803]

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[@tloumoreti4800]

explained better than 2 hours lectures i attend everyday

[@zanelemlangeni6850]

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[@vanessayolanda7586]

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[@user-qe5re1qp7m]

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[@yay8371]

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[@tjipeekerilkavari1314]

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[@dipuonkaunyane5987]

Finally I understand. Thank you

[@gydiekikelo8944]

Well explained. Quick question, what if you given premises, capital, drawings and cash in hand in the trial balance? How is it going to be entered in the p&l..

[@ireenmkandawire5844]

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[@fetcherent3934]

Thank you so much.... understood 💪

[@tinevimbogonye7987]

very helpfu;l. greatly explained and easy to understand👏👏👏

[@pthdxe]

Thank you for your teaching. Can you share the excel file for practice?

[@kabelojonathan729]

Very impressive and made easy

[@nodineludik2585]

How would you do a income statement if they give you the cash book summary and extracts from ledger balance?

[@charanshani2006]

In my lectures, there is something called other comprehensive income for the year after calculating the profit for the year.
It says it is calculating (land revalued-cost of land) + (Building revalued-cost of building)

[@saintpanic8060]

This is so helpful you explain better than my teacher

[@Counttuts]

Glad it helped. Thanks for the feedback.

[@julianabot5594]

Thank you well explained

[@Nkanyezie]

thank you so much for this

[@officialkeamo_]

Is it safe to draw timelines for adjustment 2 and 5??

[@anthonykunda4455]

Well explained sir thank you

[@Royal-gallore224]

Soo sir what about custom duty? Do you capitalise on your sales or it's also an expense?

[@naturesway5895]

Thank you very much for this video, very helpful

[@Counttuts]

You are welcome.

[@bahatienoka3410]

The show is good and helpful

[@SeithatiDikgabiso-vg7ky]

Your a good explainer

[@karabotladi4803]

Thank you so much sir💗

[@Viwe777]

how do I deal with opening stock that is less than closing stock? I'm trying to calculate Cost of Sales.

[@ChristineAkiru-of5ej]

Best tutor ever,❤

[@YolandaTukuma]

Thank you for this ❤

[@JoshuaOsebe-mi9me]

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[@rajahab3223]

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[@mbalusesay5155]

This was very clear

[@ningishenilusia6155]

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[@liapariswildcat5271]

Thank you am from zambia 🇿🇲

[@GaoneThapelo-mx3fn]

Hy what if we have both debentures and long term loan in the trial balance, how do it

[@danielinnocent1549]

thank you for the vide can you pls do sofp and statement of cash flow with the same data question

[@mvuyisiapril1208]

Thank you grootman!!

[@bridgettethandiwe611]

Wow this is so helpful. My lecture is making this so hard

[@joshmatthews3670]

Thank you sir

[@joysanyendo1457]

thnk you soo much

[@abuamod7]

can you do a video explaining trading stock deficit with regards to income statement

[@evadesamero4682]

thank you so much for this video I been struggle because we have activities to be comply this week yet she didn't teach us. she let us have a self-study. although she give modules but it doesn't help us well to understand this topic.

[@h.hassan7424]

Nice video,
kindly someone tell me the following comes in operating income or not?
1. Other operating income
2. Other operating expense
3. Profit/Loss on equity-method investments, net
4. Other financial income/expense, net
5. Result from equity accounted investments
6. Other financial result
i appreciate your effort, thanks in advance

[@eunicenafula4587]

Was stuck,but thanks for explanation

[@ericdirobabona1750]

I think it would be better if you add columns for your adjustment to show the net movements. Nevertheless, the tutorial is fine. Thank you.

[@awonkenxasana9485]

Hi can you please send me a link where I can see other videos

[@sbusisongubane3619]

I'm very happy I think I understand 70% the Couse of that it because you taking too many shortcut on calculation,I wish you can fix that even the video can be 1 hour .
But you gave me some understand because I was lost from the book as I'm doing online learning from college

[@AJ-yx7sw]

explained very well! I have a question tho: on the balance sheet for non current liabilities will we then put the total debenture loan borrowed of 100,000 and second question - often times on the trial balance given they write it as "Debenture(12% - 2007)" : what does the 2007 imply is that the year by which the entire loan will be paid off or the date of which the loan was borrowed

[@bopilaopila931]

wish you were my lecturer, very good

[@georginambambo151]

Your the best

[@patrickmoses]

its very helpful, sir what about u are asked " manage renumeration is to be allocated as cost of sales, distribution cost and admin expenses"

[@viviankhadhoori8368]

Thanks a lot, you explained very clear but if I had the directors proposed to pay the dividend for the preference share and 1% dividend for ordinary share capital, Ordinary share capital 50000, and 8% preference share capital, what I have to do?

[@tendaimundoringisa6502]

Hello after profit after tax ,you can subtract the appropriations such as divided etc

[@cintaba1]

Please, sir, I have 3 questions that require your help.
Q 1
£ 1500000 of revenue returns are treated as revenue in 2019, in error. Please how do I record this in income statement or BS?
Q2
Land(included in the trial balance at the value of £10,000.000) is to be revalued to £ 13.000.000 in the 2019 financial statements, again where do I record this adjustment question? Land & building on trial balance is £ 12.200.000.
Q3
An item of plant, which still remains in the books, was sold for £5000 on 1St October 2019. This amount was credited to admin expenses and debited to the cash account. The original cost of the plant was £ 12000 and its net book value at July 2014 was £ 6000. Once again how do I record this adjustment? Thanks so much.

[@amuleemmanuel7748]

Thank you so much . however in a situation like this (for business with sales exceeding 800,000 is taxed at a rate of 8%) is it affecting the Income statement ?

[@TheEloim_]

If your countrys tax rate is different you will of course apply your 8% at the bottom of the income statement when doing the tax expense

[@buyisiweprecious1791]

you made it easier to understand but i dont get the depreciation part well,you didnt' subtract anything from 90000 from the depreciation accumulation on equipment since there's nothing on the credit unlike vehicle costs?could you help
and what about those that are left like bank,creditor's control ect?

[@truthhurts9714]

Well explained, sir.
But what should I do if the question just says 'carriage' without specifying whether it is carriage on sales or carriage on purchases?

[@Counttuts]

I would assume that if it just says carriage, it refers to carriage on purchases, but the question to be clear on that.

[@tebogo1809]

Where can I get the PDF?

[@nambogokevin2125]

Wat if am not given the closing inventory

[@namwerukadorah2080]

Why do you less sales returns or returns inwards from the sales

[@user-ee7jx4cs5k]

Thanks ❤

[@hyitsvee8667]

Does carriage outwards count

[@notrllyus]

most tests isnt the provision of bad debts is usually in its own columns(either as an incom or expense) or is that not departmental standard

[@khayukhunou-xn4bd]

Can u post the question you are doing soo we can do it our selfs

[@Abdur_mo]

Writing in 10 min......thanks bruv

[@manasemotimele1396]

Which question paper are you using? Month and Year.

[@ibrahimbakheet6864]

Thanks

[@strogg62]

Is it possible to access the Question paper used somewhere? For practice purposes.

[@Counttuts]

Hello Ludwig, you can find the question paper here: counttuts.com/statement-of-comprehensive-income-income-statement-question/

[@strogg62]

@@Counttuts Thank you

[@crystalucheagwu4231]

Y did u still multiply 1500 by 6 and add it to 1250 by 6 since we are only dealing with 31 dec of 2018

[@arifmustafa4942]

Please upload more videos

[@choolwemulangu7242]

I want to ask what do you do when you are given the cost of sale

[@Counttuts]

Check this one out: czcams.com/video/aUTajapcl5E/video.html