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Question 7 Chapter 2 VK Publications Class 12 Part 2 - 2021
7. Following information is extracted from the Statement of Profit and Loss of Gold Coin Ltd. for the year ended 31st March, 2015:
| Particulars | Note No. | 31st March,2015 (Rs.) | 31st March, 2014 (Rs.) |
| Revenue from Operations | 60,00,000 | 45,00,000 | |
| Employees Benefit Expenses | 30,00,000 | 22,50,000 | |
| Depreciation | 7,50,000 | 6,00,000 | |
| Other Expenses | 15,50,000 | 10,00,000 | |
| Tax Rate | 30% | 30% |
Comparative Statement of Profit and Loss. For the years ended 31st March, 2014 & 2015
| Particulars | Note | 2016-2017 Rs. | 2017-2018 Rs. | Absolute Change Rs. | Percentage Change % |
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| A | B | B - A = C | C/A X 100 = D | ||
| I. Revenue from Operations | 45,00,000 | 60,00,000 | 15,00,000 | 33.33 | |
| II. Expenses | |||||
| Purchase of Stock-in-Trade | 22,50,000 | 30,00,000 | 7,50,000 | 33.33 | |
| Change in Inventories of Stock-in-Trade | 6,00,000 | 7,50,000 | 1,50,000 | 25.00 | |
| Other Expense | 10,00,000 | 15,50,000 | 5,50,000 | 55.00 | |
| Total Expense | 38,50,000 | 53,00,000 | 14,50,000 | 37.66 | |
| III. Net Profit before Tax (I-II) | 6,50,000 | 7,00,000 | 50,000 | 7.69 | |
| IV. Less: Tax @ | 1,95,000 | 2,10,000 | 15,000 | 7.69 | |
| V. Net Profit after Tax (III-IV) | 4,55,000 | 4,90,000 | 35,000 | 7.69 |
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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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