Check sibling questions

Remember, Profit and Loss as shown in Books of Accounts is bifurcated into Trading and P&L

There is no such bifurcation in Schedule III Profit and Loss

Also,there is no trouble of finding whether an expense is Direct or Indirect

 

How to Prepare for Trading Companies

Refer explanation for different points in blue below

Profit and Loss as per Schedule III for Trading Companies and Service Providers - Making Revised Schedule III Balance Sheet

 

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.