💎 INCOME STATEMENT [PART : 2] 💎

ALL ABOUT ACCOUNTING : 37th BLOG

☆☆ACCOUNTING☆☆

★ Accounting exercise and practices :

Lesson : 2 [Part : 2]

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Today's discuss remaining lesson and exercises or practices of Income statement📑....

So let's discuss ....

★ THE INCOME STATEMENT [PART : 2]★

Put ☑️ in the appropriate column :

Terms of Income statement	Income	Expenses
Sales A/C	☑️
Purchase A/C		☑️
Job work on Raw material		☑️
Interest from Un-Secured loans	☑️
Interest earned on fix deposit	☑️
Salaries paid to staff		☑️
Interest paid on debt		☑️
Transporting charges		☑️
Rent		☑️
Renting income from any property	☑️
Maintenance expenses		☑️
Electricity Expenses		☑️
Telephone ☎️ bill Exp.		☑️
Office Exp.		☑️
Bank charges		☑️
Commission and brokerage		☑️
Depreciation		☑️
Computer Exp.		☑️
Wages paid to labour		☑️

* General format of income statement :

_________________________________________________

Particular. Expenses	Particular. Income
Total :

----------------------------------------------------------------

Net profit : Net loss :

----------------------------------------------------------------

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Lets create a Income statement [TRPN STATEMENT] of ABC ENTERPRISE against this transactions :-

1. Sale of saree during the financial year 2019-20 is rupees 25,00,00,000.

2. Purchase of raw materials during the financial year 2019-20 is rupees 13,00,00,000.

3. Job work on raw material for make a finish saree during the financial year 2019-20 is rupees 10,20,00,000.

4. Interest received from given loans and advances in during the financial year 2019-20 is rupees 2,00,000.

5. Interest earned on fixed deposit in financial year 2019-20 is rupees 3,00,000.

6. Salaries paid to staff in financial year 2019-20 is rupees 20,00,000.

7. Interest paid on debt in financial year 2019-20 is rupees 30,00,000.

8. Transporting charges for goods transport from origin to destination in financial year 2,00,000.

9. Rent paid for shop in financial year 2019-20 is rupees 25,00,000.

10. Renting income from commercial premises on financial year 10,00,000.

11. Maintenance expenses paid for shop in financial year is rupees. 1,25,000.

12. light bill paid or payable for factory and shop in financial year 2019-20 is rupees 5,00,000.

13. Telephone ☎️ bill paid or payable in financial year 2019-20 is rupees 50,000.

14. Office exp. Like food and beverages ☕🍹for staf and any miscellaneous expenses for company in financial year 5,00,000.

15. Bank charges like., cheque return charge, sms charge, imps charge, etc. Is deduct by bank in financial year 2019-20 is rupees 10,000.

16. Commission and brokerage paid for goods buy and sale in financial year 2019-20 is rupees. 10,00,000.

17. Depreciation on plant and machinary in financial year 2019-20 is rupees 2,23,577.

18. Computer exp. Like computer accessories, computers formatting, computer repairing charges, etc. Paid or payable in financial year is rupees 25,000.

19. Wages paid to labour in financial year 2019-20 is rupees 15,00,000.

- prepare a Income statement [TRPN Statement] for ABC ENTERPRISE against above declare transactions up to year ended 31-march-2020.

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★ ABC ENTERPRISE ★

Income statement for the year ended 31-march-2020.

Particular : Expenses	Particular : Income
Purchase A/c. : 13,00,00,000	Sales A/c. : 25,00,00,000
Job work A/c. : 10,20,00 000	Interest income : 5,00,000
Salaries exp. : 20,00,000	Renting income. : 10,00,000
Interest exp. : 30,00,000
Transportation charges : 2,00,000
Rent exp. : 25,00,000
Maintenance exp. : 1,25,000
Light bill exp. : 5,00,000
Telephone bill exp. : 50,000
Office exp. : 5,00,000
Bank charges. : 10,000
Commission or brokerage exp. : 10,00,000
Depreciation. : 2,23,577
Computer exp. : 25,000
Wages. : 15,00,000
Total Exp. : 24,36,33,577	Total Income . : 25,15,00,000
Net profit. : +78,66,423
Grand total. : 25,15,00,000	: 25,15,00,000