Summary Formats of the Income statement and the Balance sheet

#Name Of The Business# Income Statement For The Year Ended XX XX XXXX

Sales/ Revenue XXXXX
Less: Return Inwards (Sales Returns) (XXXX)
XXXXX
Less: Cost of Goods Sold
Opening Inventory XXXX
Add: Purchases XXXX
XXXX
Add: Carriage Inwards XXXX
XXXX
Less: Return Outwards (Purchase Returns) (XXXX)
XXXX
Less: Closing Inventory (XXXX)
Cost Of Goods Sold XXXX (XXXX)
Gross Profit XXXXX

Add Other Income
Discount Received XXXX
Rent Received XXXX XXXX

Less Expenses
Carriage Outwards XXXX
Bad Debts XXXX
Discount Allowed XXXX
Depreciation Of Noncurrent Assets XXXX
Rent Expenses XXXX
Insurance XXXX (XXXX)
Net Profit