Page 292 ,Section V,Q 1

SRIKANT AND COMPANY

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDING
REVENUE
Sales Revenue
Less: Return Inwards
Net Sales
Less Cost of Goods Sold
Opening Inventory
Add: Purchases
Less: Return Outwards
Wages
Freight
Cost Of material Available
Less: Closing Inventory
Gross Profit
Operating Expense
Salary Expense
Add: Outstanding
Rent Expense
Postage Expense
Stationary Charges
Miscellaneous Expense
Less: Prepaid Interest
Carriage on sales
Repairs and Maintenance
Depriciation Of Building
Bad Debt
Provision For Bad and Doubtful Debt
Total Expense
EBIT
Interest
Net Profit
 BALANCE SHEET
L&E
ShareHolders Funds
Share Capital
Reserves and Surplus
Balance in PL STMT

Non Current Liability

Loan

Current Liability
Account Payable
Salary payable

Non Current Assets

Land
Building
Less: Acc Depriciated
Furniture
Total Non Current Assets

Current Assets
Cash
Accounts Receivable
Less: Provision For Bad debts
Closing Inventory
Prepaid Insurance
Total Current Assets
Total Assets
 SRIKANT AND COMPANY
STATEMENT FOR THE YEAR ENDING 31st DEC,2013
AMT AMT
41460
1020
40440

3100
21200
-420
5200
560
29640
2980 26660
13780

2200
200 2400
600
300
240
500
60 440
800
900
170
120
300
6270
7510
240
7750
BALANCE SHEET

12000

7750 19750

3000

4920
200 5120
27870

15300
1700
170 1530
1000
17830

1300
6000
300 5700
2980
60
10040
27870
Return Inward mean some goods you sold but the customers was not happy and returned late
Return Outward

5% of Accounts Receivable

Gross Profit minus Total Expense

Interest is added because it is mentioned on Credit side
ppy and returned later