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Performa of Profit & Loss Statement for Cost Accounting Information
It is the statement like any other profit and loss account but this is for the future, as it is guided by FRS1
The P&L statement includes subtotals that reflect important information, such as the total amount of long- or short-term debt, the cost of raw materials used to create goods for sale, overhead costs, and taxes.
Revenue
less cost of sales
Gross profit
less admin expenses
PBT
Less Tax
PAT
costing department main job is to present Profit & Loss acocunt for various products beign manufactured and generally follow following pattern
Gross sales
less disc/rebate
net sales
less
cost of material consumed
opg stock of mat
add purchases
less closing stock
Gross sales
less disc/rebate
net sales
less
cost of material consumed
opg stock of mat
add purchases
less closing stock
Gross profit
Less selling and markiting expenses.
Less admin expenses
Net profit before interest & Tax.
costing department main job is to present Profit & Loss acocunt for various products beign manufactured and generally follow following pattern
Gross sales
less disc/rebate
net sales
less
cost of material consumed
opg stock of mat
add purchases
less closing stock
less direct costs
direct labour
direct overheads
direct material
total cost of production
contribution
less indirect exps
indirect labour'
indirect material
indirect overheads
total cost of sales
less financial cost
profit
Standard format would be different based on industry to industry, but presentation of directly attributeable cost to products and services wehter it is variable or fixed should be caputred in format.
just like us working in retail department (includes all expenses of site operation to ensure these remain within the budget limits
Standard presentation of Profit & Loss Statement for a simplified costing department (involving inventory and one department processing) may be like as follwos:
Gross Sales for period xxxxxxx
Less : Saales Discounts etc (xxx)
Net Sales xxxxxxx
Less: Cost of Goods Sold
Materials Purchases for Period xxxxxxx
Add: Opening Materials pruchase stock xxxx
Subtotal xxxxxxx
Less: Closing Materials Purchase Stock (xxxx)
Net Purchases for Period xxxxxxx
Add: Direct Cost
1) Labour Cost Incurred xxxxxxx
2) Machining Cost Incurred xxxxxxx
3) Factory Over Heads applied xxxxxxx
Total Direct Cost of Finished Goods xxxxxxx
Add: Opening inventory of Finished Goods xxxxx
Less: Closing inventory of Finished Goods (xxxx)
Net Adjustment: xxxxx
Net Cost of Goods Sold xxxxxxx
Gross Profit for Period xxxxxx
Selling & Marketing Expenses
1- xxxxx
2- xxxxx xxxxx
Administrative Expenses
1- xxxxx
2- xxxxx xxxxx
Net Profit of Department for Period xxxxxx
Opening Raw Material
-
Closing Raw Material
+
Raw material Purchased
+
Direct Labour
+
Direct machine/other expenses
=
Prime Cost
+
FOH
=
Cost of Goods Produced
