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Question 10 Chapter 6 - Unimax Publication Class 12 Part 2 - 2021
Prepare comparative statement of profit from the following information.
| Particulars |
2021 | 2022 |
|---|---|---|
| Revenue from operation | 60,00,000 | 80,00,000 |
| Office & Administrative expenses | 14,00,000 | 3,45,000 |
| Income tax rate | 50% | 50% |
| Gross profit ratio | 36% | 30% |
| Particulars |
2021 A |
2022 B |
Absolute change B-A =C |
Percentage change C/A |
|---|---|---|---|---|
| 1.Revenue form operations | 60,00,000 | 80,00,000 | 20,00,000 | 33.33 |
| 2.Add other income | ||||
| 3.Total profit | 60,00,000 | 80,00,000 | 20,00,000 | 33.33 |
| 4.Less expenses: | ||||
| i. Cost of goods sold | 38,40,000 | 56,00,000 | 17,60,000 | 45.83 |
| ii. Office & Adm. Expenses | 14,00,000 | 3,45,000 | (10,55,000) | 75.36 |
| Total expenses | 52,40,000 | 59,45,00 | 7,05,000 | 13.45 |
| Profit before tax | 7,60,000 | 20,55,000 | 12,95,000 | 170,39 |
| Less income tax | 3,80,000 | 10,27,500 | 6,47,500 | 170,39 |
| Profit after tax | 3,80,000 | 10,27,500 | 6,47,500 | 170,39 |
Working note:
| 1. Gross profit (31-3-2021) | = 36/100 x 60,00,000 = 21,60,000 |
| Cost of goods sold | = Sale -Gross Profit |
| 60,00,000 – 21,60,000 | = 38,40,000 |
| 2. Gross profit (31-3-2022) | = 30/100 x 80,00,000 =24,00,000 |
| Cost of goods sold | =80,00,000-24,00,000 =56,00,000 |
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Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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