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In Come Statement Template
In Come Statement Template
This section will provide you guidelines on how to prepare income statement of your business.
The statement templates provided, serve as a guide towards bare minimum line items that may be included in the financial statements. Please note tha
set of financial statements includes: income statement, balance sheet and cash flows along with explanatory notes. Further, you may seek professiona
for preparation of formal financial statements, if deemed necessary.
Entries in this template that are marked in black indicate use of formulae. Please avoid tampering with formulae based entries.
Cost of Goods Sold: This includes cost of raw material, labour, and factory overheads incurred during the production for the units sold. (This
be obtained by multiplying cost per unit with the total number of units sold during the year). In case of service based businesses, cost of del
services maybe included.
B Raw material The cost of raw material used in production of goods sold.
D Overheads The production cost other than direct material and direct labour.
inimum line items that may be included in the financial statements. Please note that complete
et and cash flows along with explanatory notes. Further, you may seek professional guidance
Year 4
bour, and factory overheads incurred during the production for the units sold. (This figure can
ber of units sold during the year). In case of service based businesses, cost of delivering the
Year 4
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