Question -
Answer -
Format of Statement of Profit and Loss- As per the REVISED SCHEDULE VI
| Statement of Profit and Loss for year ended... |
| S. No. | Particulars | Note No. | Figures for the Current Year | Figures for the Previous Year |
| I | Revenue from Operations | | | |
| II | Other Income | | | |
| III | Total Revenue (I + II) | | | |
| IV | Expenses: | | | |
| | Cost of Material Consumed | | | |
| | Purchase of Stock-in-Trade | | | |
| | Changes in inventories of finished goods | | | |
| | Work-in-progress and Stock-in-Trade | | | |
| | Employee Benefit Expenses | | | |
| | Finance Cost | | | |
| | Depreciation and Amortisation Expenses | | | |
| | Other Expenses | | | |
| | Total Expenses | | | |
| V | Profit before exceptional and extraordinary items and tax (III – IV) | | | |
| VI | Exceptional items | | | |
| VII | Profit before extraordinary item and tax (V – VI) | | | |
| VIII | Extraordinary Items | | | |
| IX | Profit Before Tax (VII – VIII) | | | |
| X | Tax Expenses | | | |
| | (1) Current Tax | | | |
| | (2) Deferred Tax | | | |
| XI | Profit/(Loss) for period from continuing operations (IX – X) | | | |
| XII | Profit/ (Loss) from discontinuing operations | | | |
| XIII | Tax expenses of discontinuing operations | | | |
| XIV | Profit/(Loss) from discontinuing operations (after Tax (XII – XIII) | | | |
| XV | Profit (Loss) for the period (XI + XIV) | | | |
| XVI | Earning Per Equity Shares | | | |
| | (1) Basic | | | |
| | (2) Diluted | | | |
| | | | | |
I. Revenue from Operations- It refers to the revenue earned from the basic operating business activities of an organization. For Non-financing companies, it consists of the following.
• Sale of Products
• Sale of Services
• Other Operating Revenues
For financing companies, revenue from operations includes the following.
• Interest
• Dividends
• Other Financial Services
II. Other Incomes- This income includes the income earned other than from the operating activities of a business. It comprised of the following incomes.
• Interest Income (in case of Non-Financing Company)
• Dividend Income (in case of Non-Financing Company)
• Net Gain or Loss on Sale of Investments
• Other Non-Operating Incomes (i.e. after deducting expenses directly related to such income)
III. Expenses- These can be bifurcated in the following given below types.
• Cost of Materials Consumed- It includes all the materials consumed during the process of manufacturing. It can also be calculated with the help of the given below formula.
Material Consumed = Opening Stock of Raw Material + Purchase of Raw Material – Closing Stock of Raw Material
• Purchase of Stock-in-Trade- It includes all the goods purchased by a trading concern with an intention of resell.
• Change in Inventories, Work-in-Progress and Stock-in-Trade- It is difference of opening and closing balance of inventories (stock), work-in-progress and stock-in-trade.