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Question 15 Chapter 6 - Unimax Publication Class 12 Part 2 - 2021
Prepare a comparative Income Statement from the following information:
| Particulars |
2021 | 2022 |
|---|---|---|
| Sales | 2,00,000 | 3,00,000 |
| Cost of goods sold | 60% of Sales | 70% of sales |
| Indirect expenses | 50% of gross profit | 40% of gross profit |
| Income tax | 50% of net profit before tax | 50% of net profit before tax |
Comparative Income Statement For The Year Ending 2021-2022
| Particulars |
2021 Previous Year |
2022 Current Year |
Absolute change
|
Percentage change
|
|---|---|---|---|---|
| Revenue form operations | 2,00,000 | 3,00,000 | 1,00,000 | 50.00 |
| Add other income | - | - | - | - |
| Total Revenue | 2,00,000 | 3,00,000 | 1,00,000 | 50.00 |
| Less expenses: | ||||
| Cost of goods sold | 1,20,000 | 2,10,000 | 90,000 | 75.00 |
| Indirect expenses | 40,000 | 36,000 | (4,000) | (10.00) |
| Total expenses | 1,60,000 | 2,46,000 | 86,000 | 53.75 |
| Net Profit before tax | 40,000 | 54,000 | 14,000 | 35.00 |
| Less income tax | 20,000 | 27,000 | 7,000 | 35.00 |
| Net Profit after tax | 20,000 | 27,000 | 7,000 | 35.00 |
Working note:
(I) Cost of Goods = Sale x Rate /100
| (2021) | = Cost of Goods Sold = 2,00,000 x 60 /100 = 1,20,000 |
| (2022) | =Cost of Goods Sold = 3,00,000 x 70/100 = 2,10,000 |
| Gross Profit | = Sale-Cost + Good Sold |
| (2021) | =2,00,000 - 1,20,000 =80,000 |
| (2022) | = 3,00,000 - 2,10,000 = 90,000 |
| Indirect Expenses | =Gross Profit x Rat/100 |
| 2021 | =80,000 x 50/100 = 40,000 |
| 2022 | = 90,000 x 40/100 = 36,000 |
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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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