Vertical Revenue Statement for the year ended………

P & L Account

Gross sales Xx
Less : Sales Returns xx
Net sales xx
Less: Cost of goods sold
Opening Stock x
Purchases x
Expense on purchases x
Direct Expenses x
Less Closing Stock (x) (Xx)
Gross Profit xx
Add: Operating Income
a. Commission Received Xx
b. Bad debts recovered Xx Xx
Less: Operating Expenses
a. Administration
Rent X
Audit fees X
Dep X Xx

b. Selling &Distribution Xx
c. Finance xx
Interest on loan taken (xx)
Operating Net Profit xx
Add: Non Operating Income
Rent / Dividend/ Interest Received Xx
Less: Non Operating Expenses
Loss on sale of assets / Loss by theft, fire (Xx)
Net Profit Before Tax xx
Less: Corporate Tax (Xx)
Net profit After Tax Xx
Add: Opening Balance Xx
Less : Appropriations
Transfer to reserve Xx
Interim Dividend Xx
Proposed dividend xx (xx)
Retained Earnings / Surplus (xx)
( carried forward to next year ) 70,000