Question

n headings of the statement of profit or loss and other comprehensive income The main sectio include revenue, cost of goods sold, other income, operating expenses and Required: Classify the following descriptions under the appropriate headings in the statement of proft or loss and other comprehensive income. 2 other expenses. Presentation of Financial Statements 01 a) Office salary expenses (b) Sales of services provided d Insurance expenses (d) Sales of inventories (0) Income from interest on savings accounts (i) Income from dividends on investments j) Advertising expenses (k) Losses on sale of building ) Interest expenses on outstanding loans (m) Cost of sold inventories (n) Gains on sale of short-term investments (o) Losses on disposal of equipment ate e) Sales representative's commission expenses (f) Depreciation expenses (g) Office supplies expenses (h) Losses on sale of equipment

Answer 1

Statement of profit or loss and other comprehensive Income
Revenue
a)sale of Inventories b)Sales of services provided	xxxxx
Cost of goods sold
a)cost of sold Inventories b) Depreciation	xxxxx
Gross Profit	xxxxx
Administration Expenses a)office Salary Expenses b)Insurance Expenses c)office Supplies Expenses	xxxxx
Selling and Distribution Expenses a)Sales Representive Commision Expenses b)Advertising Expenses	xxxxx
Other Losses /Gains a)Losses on disposal of Equipment b) gain on sale of Short term Investments c) dividends from investments	xxxxx
Finance Costs a)interest expense on outstanding Loans	xxxxx
Net Profit-----------------------------(1)	xxxxx
other Comprehensive	xxxxx
Losses on sale of equipment	xxxxx
Losses on Sale of building	xxxxx
Total Comprehensive Income ----------------(2)	xxxxx
Statement of profit or loss and other comprehensive Income
Revenue
a)sale of Inventories b)Sales of services provided	xxxxx
Cost of goods sold
a)cost of sold Inventories b) Depreciation	xxxxx
Gross Profit	xxxxx
Administration Expenses a)office Salary Expenses b)Insurance Expenses c)office Supplies Expenses	xxxxx
Selling and Distribution Expenses a)Sales Representive Commision Expenses b)Advertising Expenses	xxxxx
Other Losses /Gains a)Losses on disposal of Equipment b) gain on sale of Short term Investments c) dividends from investments	xxxxx
Finance Costs a)interest expense on outstanding Loans	xxxxx
Net Profit-----------------------------(1)	xxxxx
other Comprehensive	xxxxx
Losses on sale of equipment	xxxxx
Losses on Sale of building	xxxxx
Total Comprehensive Income ----------------(2)	xxxxx