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Prepare common size statement of profit from the following information.
| Particulars |
2022 | 2021 |
|---|---|---|
| Revenue from operation | 6,00,000 | 8,00,0000 |
| Office & Administrative exp. | 1,40,000 | 34,500 |
| Income tax rate | 40% | 40% |
| Gross profit | 30% | 20% |
Common Size Income statement
For the Year 2021 & 2022
| Particulars |
note no | 2021 |
Percentage | 2022 | Percentage |
|---|---|---|---|---|---|
| Revenue form operation | 6,00,000 | 100 | 8,00,0000 | 100 | |
| Add other income | - | - | - | - | |
| Total revenue | 6,00,000 | 100 | 8,00,0000 | 100 | |
| Less expenses | |||||
| Office & Administrative exp. | 1,40,000 | 23.33 | 34,500 | 4.3 | |
| Cost of goods sold | 4,20,000 | 70.00 | 6,40,000 | 80.00 | |
| Total expense | 5,60,000 | 93.33 | 6,74,500 | 84.31 | |
| Net Profit before tax | 40,000 | 6.67 | 1,25,500 | 15.68 | |
| Less income tax | 16,000 | 2.67 | 50,200 | 6.28 | |
| Net Profit after tax | 24,000 | 4.00 | 75,300 | 9.41 |
Working Notes:
| 2021 | 2022 | |
| Gross profit | 30% of sales | 20% of sales |
| 6,00,000 x 30/100 | 20/100 x 8,00,000 | |
| = 1,80,000 | = 1,60,000 | |
| Cost of goods sold | Sales – G.P | Sales – G.P |
| 6,00,000 – 1,80,000 | 8,00,000 – 1,60,000 | |
| = 4,20,000 | = 6,40,000 |
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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