Vertical income statement 31-03-2014 Sales Less: COGS Profit & Loss A/es. For the years ended. Particulars To Opening Stock To Purchases 84000 To Wages 31-3-13 31-3-14 Particulars Amount Amount 44000 40000 By Sales 72000 By Closing Stock 40000 36000 By Interest Received 31-3-13 31-3-14 Amount Amount Opening stock Purchases Wages Fact exp Less Cig stock 190000 200000 46000 20000 44000 GP (Sales-COGS) 1.90,000 44000 84000 40000 32000 46000 154000 36,000 Less: Operating Exp Admin To Factory Expenses 32000 28000 Establishment exp 8,000 TO Establishment Expenses 8000 6000 Management exp -2,000 Selling exp -6,000 To Management Expenses 2000 2000 To Selling Expenses 6000 10000 Operating profit 20,000 To Interest 6000 8000 Less: Interest -6,000 To Loss on sale of Assets 2000 2000 Profit before tax 14,000 To Provision for Taxation 22000 24000 To Net profit trf to Reserve 10000 16000 Add: Non Operating income Interest received 20,000 Total 256000 244000 Total 256000 244000 Less: Non operating exp Loss on sale of asset 2,000 Net profit before tax 32.000 Less: provision for tax Profit after tax -22,000 10,000 Common size statement Income statement Each item of income statement Net sales x 100 Balance sheet Each item of balance sheet x 100 Total assets Fixed asset + Investments + Current asset