Illustrations of income statement, Financial Accounting

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Illustrations of Income statement

Profit/Loss on disposal of non-current assets
Material write down or reversal of write down on assets e.g. PPE inventory and debtors.
Restructuring and re-organization cost e.g. redundancy payments
Litigation costs – payments made as a result of court decisions

The format of the income statement is given as follows:

ABC LTD INCOME STATEMENT FOR THE YEAR ENDED 31/12/
	£	£
Revenue		x
Cost of sales		(x)
Gross profit		x
Other incomes (e.g. investment income)		x
		x
Expenses
Distribution costs	x
Administration costs	x
Other expenses	x
Finance costs	x	(x)
Profit before		x
Income tax expense		(x)
Profit for the period		xx



a) By Nature

ABC LTD INCOME STATEMENT FOR THE YEAR ENDED 31/12/
	£	£
Revenue		x
Other incomes		x
		x
Expenses
Raw materials consumed	x
Changes in finished goods and work in progress	x
Depreciation and armortisation	x
Employee benefits	x
Other expenses	x
Finance costs	x	(x)
Profit before tax		x
Income tax expenses		(x)
Profit for the period		xx

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