You are on page 1of 2

……. (Name of the business) Trade & Income Statement for the year ended 20….

Sales xxxxx
(-) Return in-wards (x) 1
(-) Cost of Sales
Opening Inventories xx
Purchase xxxx
Wages x
Duty x
Carriage In-wards x
Shipping Charges All Direct Expenses related to purchases x
Shipping insurance x
Imports Charges x
(-) Return out-wards (x) 2
(-) Closing Inventory (x) (xx) xxx

Gross Profit or Loss xxxx 3=1-2

(+) Other Income
Received Discount x
Received Commissions x
Received Rent x
Received Interest x
Profit of Selling Fixed Assets x
Over Provision of Bad debts x 4
Any Other Income x xxx
Total Income xxxx 5=3+4
(-) Expenditure
Administration and Establishment Expenses
Electricity Bill x
Telephone Bill x
Depreciation of Office Furniture x
Rent x
Insurance x
Salary x
Maintenance x
Depreciation of Building x
Depreciation of Machinery x
Stationary x
Professional Chargers x xx

Selling and Distribution Expenses

Advertising x
Carried out-ward x
Allowed Discount x
Bad debts x
Under Provision of Bad Debts x
Depreciation of Vehicle x
Travelling Charges x
Trade Treats Expenses x
Packaging Expenses x
Sales Commissions x xx

Finance and Other Expenses x

Loan Interest x
Bank Overdraft Interest x
Bank Charges x
Fire losses x
Donations x
Losses of Selling Fixed Assets x 6
Other Expenses x xx xxx

Net Profit or Loss xxx 5-6

……. (Name of the business) Balance Sheet as at …..(The date)
Cost Accrued Net Book Value
Non-Current Assets Depreciation
Land & Building xxx x xx
Machines xxx x xx
Vehicles xxx x xx
Furniture xxx x xx
Other Fixed Assets xxx x xx
xxx x xx

Goodwill x
Patent x
Investment x xx
Current Assets
Closing Inventories xx
Debtors xxx
(-) Provision of Bad Debts (x) xx
Receivable Incomes xx
Prepaid Expenditure x
Cash in Bank/Hand x xx

Total Assets xxxxx

Capital xxx
(+/-)Net Profit/Loss xx/(xx)
(-) Drawings (x) xxx

Non-Current Liabilities
Bank Loans xx
Mortgage x xxx

Current Liabilities
Creditors x
Accrual Expenditure x
E.P.F. x
Received Prepaid Income x
Bank Over Draft x xx

Total Liabilities xxxxx