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Prepare Income Statement for Year ended 3 1 st Dec 2 0 2 3 from the below information as per schedule III of companies Act

Prepare Income Statement for Year ended 31st Dec 2023 from the below information as per schedule III of companies Act 2013.

Gross Revenue Rs 1,000,000

Purchase of Raw material Rs 5,60,000

Opening Raw material Rs 2,00,000

Closing of raw material Rs 60,000

Depreciation Rs 25,000

Selling expenses Rs 5,000

Retirement benefit expense Rs 50,000

Salary expense Rs 70,000

Office equipment (life less than 1 year) Rs 50,000

Interest expense Rs 7,000

Tax Expenses Rs 45000

Extra ordinary Expenses Rs 60,000


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