• From: Saudi Arabia, Riyadh
  • Registered: 01/22/2019
  • Posts: 12

Topic: Income & Statement

I want my manufacturing income statement showing conventional way can someone helps me how to do it.


        INCOME & STATEMENT   
           
    A    Sales                          XXXXXXXX
           
    B    Cost of Sales   
           
        Opening Stock                   xxxxxxxxx
    Add    Purchases                           xxxxxxxxx
        Total Purchases                   xxxxxxxxx
    Less    Closing Stock                   xxxxxxxxx
        Total Cost of Sales           xxxxxxxxx
            
C    A-B    Gross Profit                   xxxxxxxxx
           
D    Less    Geneal Admin Expenses    xxxxxxxxx
           
    C-D    Net Profit                             xxxxxxxxx

  • From: Pakistan, Karachi
  • Registered: 03/03/2015
  • Posts: 663

Re: Income & Statement

Hello @Marxist,

This sort of Income Statment is Valid when the Inventory Costing method is either FIFO or LIFO.

Since FA uses Average Costing so it is not applicable in FA.

In order to get it done it may require some core changes and lot of customizations

Regards.

www.boxygen.pk

boxygen's Website