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Question 13 Chapter 6 - Unimax Publication Class 12 Part 2 - 2021
From the following information, prepare comparative income statements of X Ltd.
| Particulars |
2021 | 2022 |
|---|---|---|
| Revenue from operation | 120% of COGS | 150% of COGS |
| Cost of revenue from operation | 10,00,000 | 15,00,000 |
| Direct expenses | 5,000 | 5,000 |
| Indirect expenses | 5% of G.P | 10% of G.P |
| Income tax | 30% | 30% |
| Interest on investment | 6,000 | 8,000 |
Comparative Income Statement of X Ltd.
| Particulars |
note No |
2021 A |
2022 B |
Absolute change B-A =C |
Percentage change C/A |
|---|---|---|---|---|---|
| Revenue form operations | 12,00,000 | 2,25,000 | 9,75,000 | 81.25 | |
| Add other income (interest on investment | 6,000 | 8,000 | 2,000 | 33.33 | |
| Total revenue | 12,06,000 | 2,33,000 | 9,73,000 | 80.68 | |
| Less expenses: | |||||
| Cost of goods sold | 10,00,000 | 15,00,000 | 5,00,000 | 50.00 | |
| Indirect expenses | 10,000 | 75,000 | 65,000 | 65.00 | |
| Total expenses | 10,10,000 | 15,75,000 | 5,65,000 | 55.69 | |
| Net Profit before tax | 1,96,000 | 13,42,000 | 11,46,000 | 584.69 | |
| Less income tax | 58,800 | 4,02,600 | 3,43,800 | 584.69 | |
| Net Profit after tax | 1,37,200 | 9,39,400 | 8,02,200 | 584.69 |
Working note:
| Revenue from Operation | =120% of COG Sold | |
| Rev. From Operation (2021) | = 120/ x 10,00,000 = 12,00,000 | |
| Rev. From Operation (2022) | = 150/100 x 15,00,000 = 2,25,000 | |
| Gross Profit 2021= Sales-cost of Goods Sold | =12,00,000 -10,00,000 = 2,00,000 | |
| Gross Profit (2022) | =22,50,000 - 15,00,000 = 7,50,000 | |
| Indirect Expenses : | (2021) | (2022) |
| 5%of G.P | 10% of G.P | |
| 2,00,000 x 5/100 | 7,50,000 x 10/100 | |
| =10,000 | =75,000 |
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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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