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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 12 Chapter 6 – UNIMAX Class 12 Part 2 – 2021
Prepare comparative income statement from the following information.
| Particulars |
2021 | 2022 |
|---|---|---|
| Revenue from operation | 6,00,000 | 9,00,000 |
| Gross profit | 40% of revenue form operation | 50% of revenue form operation |
| Administrative expenses | 20% gross profit | 15% gross profit |
| Income tax | 50% | 50% |
Comparative Income Statement
| Particulars |
2021 A |
2022 B |
Absolute change B-A =C |
Percentage change C/A |
|---|---|---|---|---|
| Revenue form operations | 6,00,000 | 9,00,000 | 3,00,000 | 50.00 |
| Add other income | - | - | - | - |
| Total Revenue | 6,00,000 | 9,00,000 | 3,00,000 | 50.00 |
| Less expenses: | ||||
| Cost of goods sold | 3,60,000 | 4,50,000 | 90,000 | 25.00 |
| Administration expenses | 48,000 | 67,500 | 19,500 | 40.63 |
| Total expenses | 4,08,000 | 5,17,500 | 1,09,500 | 26.84 |
| Net Profit before tax | 1,92,000 | 3,82,500 | 1,90,500 | 99.22 |
| Less income tax | 96,000 | 1,91,250 | 95,250 | 99.22 |
| Net Profit after tax | 96,000 | 1,91,250 | 95,250 | 99.22 |
Working note:
| 1. Gross profit (2021) | 40% Revenue from Operating |
| 40/100 x 6,00,000 = 2,40,000 | |
| Gross Profit (2022) | 9,00,000 x 50/100 =4,50,000 |
| Cost of Goods Sold (2021) Sale-Gross Profit | 6,00,000 -2,40,000 = 3,60,000 |
| Cost of Goods Sold (2022) | 9,00,000 - 4,50,000 = 4,50,000 |
| Administrative Expenses =20% 0f Gross Profit (2021) | =2,40,000 x 20% =48,000 |
| (2022) | 15/100 x 4,50,000 =67,500 |
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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