NFRS Income Statement | Balance Sheet | Profit & Loss Statement | Statement of Financial | Class 12

Описание: Welcome to Everest Online Academy! In this video, we explain "NFRS-Based Financial Statements" , an essential topic in the Class 12 Accounts syllabus under the chapter Financial Statements as per NFRS (Nepal Financial Reporting Standards) . Understanding how to prepare Income Statements , Balance Sheets , Profit and Loss Statements , and Statements of Financial Position is crucial for scoring well in exams like NEB. Whether you're struggling with formats, calculations, or solving past exam questions, this video will guide you step-by-step with clear explanations, solved examples, and practical tips.

✅ What You’ll Learn in This Video:

Introduction to NFRS :
What is NFRS ?
Definition: Nepal Financial Reporting Standards (NFRS) are accounting standards designed to ensure consistency, transparency, and comparability in financial reporting.
Importance: Helps businesses present accurate financial information to stakeholders.
Key Concepts :
Income Statement :
Definition: A financial statement that shows a company's revenues, expenses, and net profit/loss over a specific period.
Purpose: To assess the financial performance of the business.
Format (as per NFRS):
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Particulars | Amount (Rs.)
--------------------------------------------|--------------
Revenue | XXX
Less: Cost of Goods Sold | XXX
Gross Profit | XXX
Less: Operating Expenses | XXX
Operating Income | XXX
Add/Less: Non-Operating Items | XXX
Net Profit Before Tax | XXX
Less: Tax | XXX
Net Profit After Tax | XXX
Balance Sheet (Statement of Financial Position) :
Definition: A financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

Profit and Loss Statement :
Similar to the Income Statement , it shows revenues, expenses, and net profit/loss over a period.
Often used interchangeably with the Income Statement under NFRS.
Statement of Financial Position :
Another name for the Balance Sheet under NFRS.
Emphasizes the company's financial health by categorizing assets, liabilities, and equity.
Step-by-Step Solutions to Exam Questions :
Preparing Income Statements systematically.
Creating accurate Balance Sheets.
Differentiating between Profit and Loss Statements and Statements of Financial Position.
Application of concepts in real exam scenarios.
Common Mistakes to Avoid While Preparing These Statements :
Misclassifying items between operating and non-operating activities in the Income Statement.
Forgetting to include all assets, liabilities, or equity components in the Balance Sheet.
Confusing the Profit and Loss Statement with the Statement of Financial Position.
Tips to Score Full Marks in Accounts Questions :
Practice solving previous years' numerical problems.
Memorize the formats and components of all financial statements.
Focus on accuracy in calculations and clarity in presenting the solution.

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