Question

How will you show following balances in profit and loss statement of a company as per schedule-III of Companies Act, 2013?

(1) Sales
(2) Bank charges
(3) Salary
(4) Depreciation
(5) Audit fee
(6) Bad debt recovered
(7) Interest on Bank overdraft
(8) Rent
(9) Profit on sale of assets
(10) Written off debenture discount
(11) Stationery expenses
(12) Advertisement expenses
(13) Contribution to provident fund
(14) Interest received
(15) Bonus to employee
(16) Income from scrap
(17) Sale of Newspapers
(18) Selling expenses
(19) Bank interest paid
(20) Written off bad debts

Answer 1

Particulars	Head of Profit and Loss Statement
(1) Sales	Revenue from operation
(2) Bank charges	Other expenses
(3) Salary	Employee benefit expenses
(4) Depreciation	Depreciation and amortisation
(5) Audit fee	Other expenses
(6) Bad debt recovered	Other income
(7) Interest on Bank overdraft	Finance cost
(8) Rent	Other expenses
(9) Profit on sale of assets	Other Incomes
(10) Written off debenture discount	Depreciation and Amortisation
(11) Stationery expenses	Other expenses
(12) Advertisement expenses	Other expenses
(13) Contribution to provident fund	Employee benefit expenses
(14) Interest received	Other incomes
(15) Bonus to employee	Employee benefit expenses
(16) Income from scrap	Other incomes
(17) Sale of Newspapers	Other incomes
(18) Selling expenses	Other expenses
(19) Bank interest paid	Other expenses
(20) Written off bad debts	Other expenses