Question

hơ to caculate gross income for sales when we have sales datas and collection data

Answer 1

In order to calculate Gross income for Sales you ne

Gross Sales for a reporting period is the revenue your business has generated in that particular reporting period. Gross Sales is the inclusive of all types of sales, i.e. Cash Sales, Credit Sales, Debit card/ credit card sales, Consignment sales, Goods sent on approval basis, before deducting any sales discount, cash discount, amount of sales returns and any type of allowances.

To calculate Net Income for Sales, we have to deduct all the above items from Gross Sales, i.e.

Net Sales = Gross Sales - Discounts - Sales Returns - Allowances(if any)

So, in order to calculate Gross income for Sales, from sales data and collection data, we just have to add back all the exclusions to the Net Sales, i.e. , Sales returns, Discounts, allowances.