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