Format for Cost Sheet/ Costing Profit and Loss Account



         STATEMENT OF PROFIT AND LOSS ACCOUNT (COST SHEET)


Direct Material Cost
Opening Stock of Raw Material
Add Purchases
Add Expenses on Purchases
Less  Purchase Returns
Less Closing Stock of Raw Material
Less Net Value of Scrap of Raw Material

Direct Labour Cost
Add Outstanding Wages
Less Prepaid Wages

Direct Expenses

Prime Cost ( DM + DL+ DE)   -i

Works Overhead/ Factory Overhead/ Production Overhead
Less Net Value of Scrap of Indirect Material
Add OS of WIP
Less CS of WIP
Net Overheads    ii

Works Cost (i+ii)

Add Office and Administration Overheads
= Cost Of Goods Purchased

Add OS of Finished Goods
Less CS of Finished Goods

= Cost of Goods Sold

Add Selling and Distribution Expenses

Cost of Sales

Add Profit
Less Loss

= Sales

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