Classify the following expenses under various heads of statement of profit and loss as per Schedule III

Question:

Classify the following expenses under various heads of statement of profit and loss as per Schedule III of the Companies Act, 2013: 

1. Staff welfare expenses

2. Interest paid 

3. Payment to contract labour 

4. Goods purchased for trading 

5. Auditors’ fees 

6. Depreciation on property, plant and equipment 

7. Bank charges in relation to obtaining loan

8. Contribution to provident fund 

9. Raw material purchased 

10. Directors’ fees 

11. Income tax 

12. Consumable stores purchased

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