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Question 26 Chapter 2 VK Publications Class 12 Part 2 - 2021
26. From the following Income Statement, prepare a Common Size Income Statement of Jagat Ltd. for the year ended 31st March, 2018:
Income Statement of Jagat Ltd. for the year ended 31st March, 2018
| Particulars | Note No. | (Rs.) | |
| I. Revenue from Operations | 30,00,000 | ||
| II. Other Incomes | 20,000 | ||
| III. Total Revenue | 30,20,000 | ||
| IV. Expenses | |||
| Cost of Material Consumed | 20,50,000 | ||
| Other Expenses | 40,000 | ||
| Total Expenses | 20,90,000 | ||
| V. Tax | 2,25,000 | ||
Common Size Balance Sheet Statement For the years ended 31st March, 2018
| Particulars | Note | Absolute Amounts | Percentage of the Balance sheet Total |
|---|---|---|---|
| Rs. | % | ||
| I. Revenue from Operations | 30,00,000 | 100.00 | |
| II. Other income | 20,000 | 0.67 | |
| III. Total Revenue from Operations (I+II) | 30,20,000 | 100.67 | |
| IV. Expenses | |||
| Cost of Material Consumed | 20,50,000 | 68.33 | |
| Other Expense | 40,000 | 1.33 | |
| Total Expense | 20,90,000 | 69.66 | |
| V. Profit before Tax (III-IV) | 9,30,000 | 31.00 | |
| VI. Less: Tax | 2,25,000 | 7.50 | |
| VII. Profit after Tax (V-VI) | 7,05,000 | 23.50 |
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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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