Question

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

(i) Sale of Goods; (ii) Revenue from Services Rendered; (iii) Interest Earned; (iv) Gain (Profit) on Sale of Assets; (v) Purchases of Stock-in-Trade; (vi) Salaries and Wages; (vii) Interest paid to Bank; (viii) Carriage Outward?

Answer 1

ITEMS	MAJOR HEAD
Sale of Goods	Revenue from Operations
Revenue from Services rendered	Revenue from Operations
Interest earned	Other Income
Profit on Sale of Assets	Other Income
Purchase of Stock-in-Trade	Purchase of Stock-in-Trade
Salaries and Wages	Employees Benefit Expenses
Interest paid to Bank	Finance Costs
Carriage Outward	Other Expenses