Module 9 Year End Procedures After completing this module, you will be able to:
• Explain and execute the procedure regarding the calculation of the profit. • Determine the opening inventory and the closing inventory using the periodic inventory system. • Draw up the Trading account to determine the gross profit. • Draw up the Profit and Loss account to determine the net profit/loss. • Explain the relation between the final accounts and the Statement of Profit or Loss. • Explain the purpose of the Statement of Financial Position. • Draw up the Statement of Financial Position in vertical form and the applicable notes.
