Final Accounts ...

Basic principle to be followed while preparing trading and profit & loss account are ___________.

Gross profit less expenses is known as _________.

Polyster Ltd made a profit for the year ended $$31$$ march $$2012$$ of $$130,000$$. During that year the company had paid preference dividends on $$100,000$$ ($$5\%$$ preference shares). In addition, an ordinary dividend of $$4$$ Rs per share was paid on $$200,000$$ ordinary shares. What was the retained profit for the year ended $$31$$ March $$2012$$?

Cost of goods sold - 60,000,
Sales for the period- 95,000, 

Fire insurance premium paid on $$1-10-2014$$ for the year ended on $$30-9-2015$$ was Rs. $$2,400$$ and fire insurance premium paid on $$1-10-2015$$ for the year ended $$30-9-2016$$ was Rs. $$3,200$$. Fire insurance premium paid in Profit & Loss A/c for the year ended $$31-3-2016$$ would be.

In an Income statement, gross profit is always equal to _________.

Which statement is true?

When taking final stock for preparation of trading account then ______ should not be included

Which of these items would be accounted for as an revenue expenditure?