Profit and loss account as per companies act

Others 738 views 3 replies

I have checked the companies act 2013 schedule III it shows General Instructions of Profit  and Loss as under:

2. (A) In respect of a company other than a finance company revenue from operations

shall disclose separately in the notes revenue from—

(a) Sale of products;

(b) Sale of services;

(c) Other operating revenues;

Less:

(d) Excise duty.

As now GST is introduced and input tax credit in gst is in built for above point where to show input tax credit  or we have to show actual gst paid?

As per me in format statement of profit and loss under Expenses shows as: 

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 amortization expense

other expenses

Total expenses

Sub heading Employee benefit s expense finance cost is shown in one column, however in General instruction it shows Different instruction for Finance in instruction no.3 and for employee benefit in instruction no.5, so we have to show different figure  under Employee benefits finance cost? or total of both?

Replies (3)
finance cost is different from employee benefit cost.
so it is to be disclosed separately.

Gst is liability. it should not be part of profit and loss account.

GSt will be included in "Purchase of Stock in Trade"
Please clear me

if you are the composite dealer then amount of GST will include under cost.
in other cases amount of GST is not a part of Profit and loss Account


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