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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 11 Chapter 6 – UNIMAX Class 12 Part 2 – 2021
From the following information of Jaskirat Steels Ltd. prepare comparative income statement.
| Particulars |
2022 | 2021 |
|---|---|---|
| Gross profit | 4,00,000 | 3,00,000 |
| Sales return ` | 8,000 | 20,000 |
| Direct expenses | 1,92,000 | 1,40,000 |
| Indirect expenses | 50,000 | 40,000 |
| Non-operating expenses | 8,000 | 10,000 |
| Non-operation income | 5,000 | 5,000 |
| Income tax | 48,900 | 28,500 |
Comparative Balance Sheet of Profit & Loss of Jaskirat Steels Ltd.
As At 31-3-2021 and 31-3-2022
| Particulars |
note No |
2021 A |
2022 B |
Absolute change B-A =C |
Percentage change C/A |
|---|---|---|---|---|---|
| Revenue form operations | 2,80,000 | 3,92,000 | 1,12,000 | 40.00 | |
| Add other income | 5,000 | 5,000 | Nil | Nil | |
| Total revenue | 2,85,000 | 3,97,000 | 1,12,000 | 39.29 | |
| Less expenses: | |||||
| Direct expenses | 1,40,000 | 1,92,000 | 52,000 | 37.14 | |
| Indirect expenses | 40,000 | 50,000 | 10,000 | 25.00 | |
| Non-operating expenses | 10,000 | 8,000 | (2,000) | 20.00 | |
| Total expenditure | 1,90,000 | 2,50,000 | 60,000 | 31.58 | |
| Net Profit before tax | 95,000 | 1,47,000 | 52,000 | 54.74 | |
| Less income tax | 28,500 | 48,900 | 20,400 | 71.58 | |
| Net Profit after tax | 66,500 | 98,100 | 31,600 | 47.52 |
Working note:
| Net sales for year 2021 | = G. sale – Sales return |
| = 3,00,000 – 20,000 = 2,80,000 | |
| Net Sales for the year 2022 | = 4,00,000 -8,000 = 3,92,000 |
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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