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Question 24 Chapter 2 VK Publications Class 12 Part 2 - 2021
24. Prepare a Common Size Statement of Profit and Loss from the following:
| Particulars | 31st March, 2017 (Rs.) | 31st March 2016 (Rs.) | |
| Revenue from Operations | 1,20,000 | 1,00,000 | |
| Expenses: Cost of Material Consumed | 66,000 | 60,000 | |
| Other Expenses | 21,200 | 17,000 | |
| Income Tax | Nil | Nil | |
Common Size Balance Sheet Statement For the years ended 31st March, 2016 and 2017
| Particulars | Note | Absolute Amounts | Percentage of the Balance sheet Total | ||
|---|---|---|---|---|---|
| 2016 | 2017 | ||||
| Rs. | Rs. | % | % | ||
| I. Revenue from Operations | 1,00,000 | 1,20,000 | 100 | 100 | |
| II. Expenses | |||||
| Cost of Material Consumed | 60,000 | 66,000 | 60.00 | 55.00 | |
| Other Expense | 17,000 | 21,200 | 17.00 | 17.67 | |
| Total Expense | 77,000 | 87,200 | 77.00 | 72.67 | |
| III. Profit before Tax (I-II) | 23,000 | 32,800 | 23.00 | 27.33 | |
| IV. Less: Income Tax | - | - | - | - | |
| V. Profit after Tax | 23,000 | 32,800 | 23.00 | 27.33 | |
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Accounting & Commerce Educator
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.
This guide covers "Question 24 Chapter 2 VK Publications Class 12 Part 2 - 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to V K Publications part 2 class 12.
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