M/S____________________co

Income statement
For Year ended____________________
Particulars Rs Rs Rs
Sales
Gross Sales XX
Less : Returns (Inwards/Sales) (XX)
NetSales XX



Less : Cost Of Goods Sold
a) Opening Stock
Raw Material XX
W I P XX
Finished Good XX XX



b) Purchase XX
Less : Return (XX) XX



c) Direct Expenses and Fatory expenses
Carriage Inward (Freight) XX
Import Duty XX
Handling Charges XX
Wages and Salaries XX
Power and fuel Xx
FactoryExpenses XX
Depreciation on Machinery XX
Depreciation on Factory Building XX XX



d) Less : Closing Stock
Raw Material XX
WIP XX
Finished Goods XX (XX)



e) Less : Sale of Scrap (XX)
. ' . COGS (a+b+c-d-e) (XX)
Gross Profit XX
Less : Operating Expenses
a) Office and Administration Expenses :
Staff Salaries XX
Rent, Rates and Taxes XX
Unproductive Wages XX
Repairs to premises XX
Insurance XX
Printing and Stationary XX
Office Cleaning XX
Postage and Telephones XX
Staff Welfare Expenses XX
Conveyance Charges XX
Misc. Expenses XX
Depreciation on Office Bldg. & Furniture XX XX

b) Selling Expenses :
Carriage Outwards XX
Commission Allowed XX
Salesman commission/ Salary XX
Travelling Expenses XX
Entertainment Expenses XX
Sales Promotion Expenses XX
Advertising XX
Bad Debts (Normal) XX
Warehouse Expenses XX XX



c) Finance Expenses :
Cash Discount XX
Bank Charges XX
Bank Commission XX
Bad Debts (Abnormal) XX
Foreign Exchange Loss XX XX
.'. Operating Expenses (a+b+c) (XX)
Net Operating profit before interest XX
Less : Interest (XX)
Operating Profit After Interest XX
Add : Non Operating Income
Interest Earned / received XX
Misc. Incomes XX
Profit on sale of Fixed Asset XX
Profit on sale of Investment XX
Interest on Loan given to Outsiders XX
Dividend on Investments (Dividend Received) XX
Compensation received as per Court Order XX XX
Less : Non Operating Expenses & Losses
Loss on sale of Fixed Asset XX
Loss by Fire XX
Loss on sale of Investment XX
Penalty XX (XX)
Net Profit before Tax XX
Less : Income Tax (XX)
Net Profit after Tax XX
Add:Last Year Balance b/f (cr) XX
Less: Transfer to Reserves
Tranfer to Genera Reserve/ CRR/ Capital Reserve (XX)
Less: Preference Dividend (XX)
Less: Proposed dividend (XX)
Less: Interim Dividend (XX)
.'. Retained Earnings XX