Notes and guidance: income statements
This shows the layouts of income statements. Use this with students in the
classroom so that they understand how these statements will be presented.
Sole traders
Name
Income statement for the year ended 31 December 2XXX
£££
Revenue 780 000
Less: returns inwards (1 500)
778 500
Cost of sales:
Inventory at 1 January 2XXX 65 800
Purchases 347 200
Less: goods for own use (560)
Less: returns outwards (2 650)
343 990
Carriage inwards 1 330
345 320
411 120
Inventory at 31 December 2XXX (70 320)
340 800
Gross profit 437 700
Discount received 2 060
Bad debts recovered 910
Decrease in provision for doubtful debts 530
Profit on disposal 3 350
444 550
Less: expenses (listed in any order)
