Question

how to find net profit before tax when balance of statement of profit and loss is given

Answer 1

To calculate net profit, follow this path:

1.Deduct discounts and allowances from your gross income (excluding VAT) to get your net income.

2.Deduct the cost of sales from your net incomes to find your gross profit.

3.Deduct overheads from your gross profit to get your operating profit.

4.Deduct any other expenses from your operating profit (plus any other income) to find your profit before tax.

5.Deduct tax to reach your net profit or net loss.


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