Hi Can you kindly assist me draft an income statement for a company that manufactures bags that has a turnover of R100 000 per annum You can come up with your own figures Format TURNOVER Sales Credit Cash (Less cost of sales) Opening stock Purchases (Less closing stock) Gross profit or loss Gross profit % of sales OTHER INCOME Interest received Sundry income EXPENSES accounting fees Advertising and marketing Bank charges Cleaning expenses Consulting fees Computer expenses Depreciation Entertainment Fuel General expenses Insurance Directors remuneration Legal fees and transfer duties Medical expenses Motor expenses Other expenses Net profit / loss for the period Please come up with your own figures Turnover should be R100 000