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10+ Income and Expenditure Statement Templates in PDF | Word

The Income and Expenditure Statement is a summary of all items of income and expenses which relate to the ongoing accounting year. It is ready with the target of sorting out the excess or deficit arising out of current incomes over current expenses. Have a look at the income and expenditure statement templates provided and choose the one that suits your purpose.

9+ FREE & Premium Income Statement Templates - Download NOWBeautifully Designed, Easily Editable Templates to Get your Work Done Faster & Smarter.

10+ Income and Expenditure Statement Templates in PDF | Word

1. Income and Expenditure Statement Template

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2. Annual Income and Expenditure Statement

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Size: 380.6 KB

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3. Comprehensive Income and Expenditure Statement

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Size: 28.6 KB

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4. School Income and Expenditure Statement

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Size: 96 KB

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5. Income and Expenditure Statement Example

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6. Statement of Income and Expenditure

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7. Accrued Income and Expenditure Statement

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Size: 101.5 KB

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8. Year End Income and Expenditure Statement

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Size: 114.6 KB

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9. Income and Expenditure Statement in PDF

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10. Project Income and Expenditure Statement

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Size: 525 KB

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11. Basic Income and Expenditure Statement

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How to plan an income statement?

The income statement displays the revenues, expenses, and resulting profit or loss of business. To make an income statement, observe these steps:

1. Print trial balance

Go to the accounting code and print the “trial balance” customary report. This is a summary report that contains the ending balance of every account in the general ledger.

2. Determine the revenue amount.

Aggregate all of the revenue items on the balance and insert the result into the revenue line item within the earnings report.

3. Determine the cost of goods sold amount.

Aggregate all value of products oversubscribed items on the balance and insert the result into the value of products oversubscribed line item within the earnings report. This line is positioned directly below the revenue item.

4. Calculate gross margin.

Subtract the value of products oversubscribed from the revenue figure to gain the profit margin. This is the gross amount earned on the sale of products and services.

5. Determine operating expenses.

Aggregate all of the expense line things below the value of products oversubscribed within the balance, and insert the result into the commercialism and body expenses item in the income statement. This line is positioned directly below the profit margin item.

6. Calculate income.

Subtract the commercialism and body expenses total from the profit margin to gain pre-tax financial gain.
Insert this calculation at the bottom of the earnings report.

7. Calculate income tax.

Multiply the applicable tax rate by the pre-tax income number to arrive at the income tax expense. Enter this quantity below the pre-tax financial gain variety, and also record it in the accounting records with a journal entry.

8. Calculate net income.

Subtract the income tax from the pre-tax income figure, and enter this amount on the last and final line of the income statement, as the net income figure.

9. Prepare header.

In the header of the document, classify it as an income statement, enter the name of the business, and the date range included by the income statement.

What is meant by income and expenditure?

Prevailing income is cash or an equivalent that results from earnings or salaries, rent from land or a building or interest, dividends or advantage from an investment. The legal accounting meaning of income is the surplus of revenue over expenses for a given accounting time.

What are the advantages of an income statement?

a. Provides complete data on revenues: The income statement provides complete data on revenues. Besides the common costs such as the cost of goods sold (COGS), employee expenses, operational expenses, it also accounts for extra costs like taxes applicable. Thus, on the revenue front, it accounts not just for revenues attained from sales however conjointly factors certain revenues obtained from non-operational parts like interest collected by completely different investments. Therefore, the income statement is an absolute source for complete revenue information.

b. Database for Investor Analysis: It is an essential document for investors who need complete data before investing in any organization. It gives all the data from sales to profits, operational capableness to other non-operational aspects. All these cumulatively benefit investors get a clear picture of how the business is and supposed to be. Therefore, it is a single source to judge the condition of an organization.

c. Other benefits: The income statement shows the profitability of the organization over a point of time. The organization can decide the major revenues it has earned. Secondly, it is important because it is based on the matching principle and shows the expense acquired by an organization to earn the revenues. From an investment prospect, shareholders of an organization are interested in the net income because the dividends are paid out of the total income. Furthermore, the income statement also benefits the groups to analyze their expenses and take into account the major streams of working revenues of the organization.

What is the distinction between income and expenditure account?

The distinction between income and expenses is simple. An income is money your business takes in and expenses are what it uses the money on. Your net profit is mostly your revenue, or all the money returning into your business, minus all of your expenses.

Frequently asked questions

What are the advantages of a profit and loss account?

Profit and loss account gives detailed knowledge about, net profit, net loss and indirect expenses of the business which assists to match the current profitability position with the profitability position of the early period. So, it assists to foretell future performance, makes plans and makes better decisions.

What are the advantages of a balance sheet?

It can be used to secure loans and other capital. When renewed over time, your balance sheet efficiently shows your ability to collect payments and repay debts. Plus, it shows lenders that you have a track record of managing assets and liabilities responsibly.

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