Question

Which of the following transactions or items would NOT be recognized as an income or expense in the Statement of Profit and Loss prepared under Schedule III of the Companies Act, 2013?

A Periodic depreciation charged on factory equipment.
B Finance costs incurred on short-term bank borrowings.
C Gross proceeds received from the sale of old machinery.
D Employee benefit expenses, including salaries and incentives.
E Commission received in the ordinary course of agency business.
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