Discover the new formats of Income Statement and Balance Sheet in the Indian Accounting System

1. Rs. Rs.
Revenues
Revenues from Sales
Cash Sales 11,111
+ Credit Sales 34,568
Total Gross Sales 45,679
- Sales Returns 101
Net Sales 45,578
Other Incomes 2,000
47,578
- Cost of Goods Sold
Opening Stock 102
+ Purchases 30500
- purchase returns and allowances 103
- Purchase discounts 104 207
Net Purchases 30,293
Freight In 105
Net cost of purchases 30,398
Cost of goods available for sale 30,500
- Closig Stock 106
Cost of Goods sold 30,394
Gross profit 17,184
Operative Expenses
- Selling and Distribution Expenses:
Sales salaries 201
Sales commission 202
Advertising 203
Freight out 204
Store rent 205
Depreciation on store furniture 206
Sales discounts 207
Totalling Selling Expenses 1,428
Administrative Expenses:
- Office Salaries 301
Insurance 302
Office Rent 303
Depreciation on office equipment 304
Total Administrative Expenses 1,210
Total Operative Expenses 2,638
Loss on Sale of Investments 305
Profit before Interest and Tax 14,506
- Interest 401
Profit before tax 14,105
- Income Tax 402
Net Profit After Tax 13,703
+ Retained Earnings in the beginning 403
Available for distribution 14,106
- Dividends 404
Retained Earnings in the end 13,702
Statement of Profit or Loss for the period ended --/--/----
Income Statement

2. Rs. Rs.
Equity and Liabilities
Share holders' Funds
Capital 40,000
Reserves ans Surplus 37,110 77,110
Non Current Liabilities
Secured Loans 6,000
Unsecured Loans 4,000 10,000
Current liabilities
Current liabilities 19,630
Provisions 26,000 45,630
1,32,740
Assets
Non Current Asets
Fixed Assets
Gross Block 50,000
- Accumulated Depreciation 20,000
Net Fixed Assets 30,000
Non Current Investments 2,000
Current Assets
Inventories 89,000
Sundry Debtors 7,400
Cash and Bank Balances 3140
Loans and Advances 1,200 1,00,740
1,32,740
Balance Sheet as at --/--/----
Balance Sheet

3. Rs.
R/E as on opening date 10000
+ Net Profit for the period 3500
Available for Distribution 13500
- Dividends 6,500
Ending Balance of R/E 7,000
Retained Earnings for the period ended on --/--/----
Balance Sheet