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8.INCOME STATEMENT-Trading & Service Business-Format

The document presents the income statements for Podar International School's trading and service businesses, detailing revenues, costs, and profits. Both statements indicate gross and operating profits, followed by finance costs, ultimately leading to the profit or loss for the year. Key components include sales, other incomes, and various expenses related to operations.

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onlinehardik2
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24 views2 pages

8.INCOME STATEMENT-Trading & Service Business-Format

The document presents the income statements for Podar International School's trading and service businesses, detailing revenues, costs, and profits. Both statements indicate gross and operating profits, followed by finance costs, ultimately leading to the profit or loss for the year. Key components include sales, other incomes, and various expenses related to operations.

Uploaded by

onlinehardik2
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Podar International School

Income Statement(Trading Business)

$ $ $
Revenue(Sales) √
Less; Sales Returns(Return inwards) (√) √√

Less Cost of Sales


Opening inventory √
+ Purchases √
(-) Purchase returns (return outwards) (√) √
----------------
(-) Goods for own use (√)
+ Carriage inwards √
(-) Closing inventory (√) (√√)
--------------- -------------
GROSS PROFIT √√√

Add: Other Incomes:


Rent received √
Commission received √
Discount received √
Dividend received √
Interest received √
Decrease in the provision of doubtful debts √ √√
Less: Other Expenses: ---------------
Rent & Rates √
Salary & Wages √
Carriage outwards √
Lighting & Heating √
General Expenses √
Bank Charges √
Repairs & Maintenance √
Commisssion paid √
Depreciation: Machinery √
Motor vehicles √
Provision for doubtful debts --------------- √ (√√)
------------- -----------
OPERATING PROFIT/LOSS √√√ (√√√)
Less: Finance Cost:
Interest on Loan (√)
-------------
Profit/ Loss FOR THE YEAR √√√ (√√√)
Podar International School

Income Statement(Service Business)

$ $ $
Revenue/ Fees received √√
Rent received √
Commission received √
Discount received √
Dividend received √
Interest received √
Decrease in the provision of doubtful debts √ √√
---------------
Less: Expenses:
Rent & Rates √
√
---
Salary & Wages
√
Lighting & Heating √
General Expenses √
Bank Charges √
Repairs & Maintenance √
Commisssion paid √
Depreciation: Machinery √
Motor vehicles √
Provision for doubtful debts --------------- √ (√√)
------------- -----------
OPERATING PROFIT/LOSS √√√ (√√√)
Less: Finance Cost:
Interest on Loan (√)
-------------
Profit/ Loss FOR THE YEAR √√√ (√√√)

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