FORMAT OF INOME STATEMENT OF A SOLETRADER
$
$
XXX
(xxx)
Revenue
Less: Sales Returns
Less: Cost of Sales
Opening Inventory
xxx
Purchases
xxxx
Less: Purchase Returns
(xxx)
Less: Drawings of goods (if any )
(xxx)
Add: Carriage Inwards
xxx
xxx
Less : Closing Inventory
(xxx)
GROSS PROFIT
Add: Income
Discount received
xxx
Commission received
xxx
Any other income
xxx
Less: Expenses
Rent
xxx
Salary
xxx
Carriage outwards
xxx
Discount allowed
xxx
Depreciation
xxx
Any other expense
xxx
Operating profit /Profit from operations
Less: Finance cost/Finance charges
Interest on loan
Profit /Loss for the year
Note : 1.The section till gross profit is Trading account and the section where
profit/loss for the year is calculated is profit and loss account
2.Brackets represent the amount deducted
$
xxxx
xxxx
XXX
xxx
xxx
xxx
(xxx)
xxx