Statement of Profit or Loss of Chanda as at 31/12/2019 Particulars Sales Less: Discount Allowed Less: Return Inwards Amount in K Amount in K 808800 -36000 -4400 768400 Less: Cost of Goods Sold: Inventory at 01/01/2019 Add: Purchases Less: Return Outwards 100000 500000 -30000 Less: Discount Received -9600 Less: Closing Inventories -84000 476400 Gross Profit 292000 Less: Selling and Admin. Expense: Wages and salaries 119200 Bad debts 9720 Other Expense 45000 Interest expense on Loan 1000 Depreciation Expense On Building On Plant Net Income 3600 21000 199520 92480