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Question 8 Chapter 2 VK Publications Class 12 Part 2 - 2021
8. Prepare Comparative Statement of Profit and Loss from the following information:
| Particulars | Note No. | 31st March,2015 (Rs.) | 31st March, 2014 (Rs.) |
| Revenue from Operations | 16,00,000 | 12,00,000 | |
| Purchase of Stock-in-Trade | 7,20,000 | 4,80,000 | |
| Change in Inventories of Stock-in-Trade | 80,000 | 1,20,000 | |
| Other Expenses | 25% of Cost of Revenue from Operations | 15% of Cost of Revenue from Operations | |
| Tax Rate | 35% | 45% |
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 | 12,00,000 | 16,00,000 | 4,00,000 | 33.33 | |
| II. Expenses | |||||
| Purchase of Stock-in-Trade | 4,80,000 | 7,20,000 | 2,40,000 | 50.00 | |
| Change in Inventories of Stock-in-Trade | 1,20,000 | 80,000 | 40,000 | 33.33 | |
| Other Expense | 90,000 | 2,00,000 | 1,10,000 | 122.22 | |
| Total Expense | 6,90,000 | 10,00,000 | 3,10,000 | 44.93 | |
| III. Net Profit before Tax (I-II) | 5,10,000 | 6,00,000 | 90,000 | 17.65 | |
| IV. Less: Tax @ | 2,29,500 | 2,10,000 | 19,500 | 8.50 | |
| V. Net Profit after Tax (III-IV) | 2,80,500 | 3,90,000 | 1,09,000 | 39.03 |
Working Note:
Calculation of other expenses:
Cost Revenue from Operations = Purchase of Stock-in-Trade + Change in Inventories of Stock-in-Trade
For the year ended 31st March, 2014 = Rs. 4,80,000 + Rs. 1,20,000 = Rs. 6,00,000
For the ycar ended 31st March, 2015 = Rs. 7,20,000 + Rs. 80,000 = Rs. 8,00,000
Other Expenses:
For the years ended 31st March. 2014 = Rs. 6,00,000 x Rs. 15/100= Rs. 90,000
For the year ended 31st March, 2015 = Rs. 8,00,000 x Rs. 25/100= Rs. 2,00,000
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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.
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