Arrange following items of Statements of Profit and Loss in a sequence of its appearing as per schedule III of Companies Act, 2013 :
A. Expenses
B. Tax Expenses (Paid)
C. Revenue from operations
D. Profit before tax
E. Profit after Tax
Choose the correct answer from the options given below :
Answer & explanation
Correct answer: option 2
The correct answer is option 2- C, A, D, B, E.
C. Revenue from operations
A. Expenses
D. Profit before tax
B. Tax Expenses (Paid)
E. Profit after Tax
FORMAT OF STATEMENT OF PROFIT AND LOSS
I Revenue from operations
II Other income
III Total Revenue (I+II)
IV Expenses: Cost of materials consumed
Purchases of stock-in-trade
Changes in inventories of finished goods Work-in-progress and stock-in-trade
Employee benefits expense
Finance costs
Depreciation and amortisation expense
Other expenses
Total expenses
V Profit before extraordinary items and tax (III-IV)
VI Exceptional items
VII Profit before extraordinary items and tax (V-VI)
VIII Extraordinary items
IX Profit before tax (VII-VIII)
X Tax payment
XI profit after tax (IX - X)