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Question

Under which line item (major head) of the Statement of Profit and Loss of a financial company will the following be shown:

(i) Interest on Loans Given: (ii) Gain (Profit) on Sale of Securities; (iii) Loss on Sale of Fixed Assets; (iv) Interest paid on Deposits; (v) Depreciation on Computers; (vi) Goodwill Written off; (vii) Commission paid for Deposit Mobilisation; and (viii) Repairs Expenses?

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Solution

ITEMS MAJOR HEAD
Interest on Loans Given Revenue from Operations
Profit on Sale of Securities Revenue from Operations
Loss on Sale of Fixed Assets Other Expenses
Interest paid on Deposits Finance Costs
Depreciation on Computers Depreciation and Amortisation Expenses
Goodwill Written off Depreciation and Amortisation Expenses
Commission paid for Deposit Mobilisation Finance Costs
Repairs Expenses Other Expenses

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