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Question No 27 Chapter 6 – UNIMAX Class 12 Part 2 – 2021
From the following information of Jaskirat Steels Ltd. prepare common size income statement.
| Particulars |
2022 | 2021 |
|---|---|---|
| Gross sales | 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-operating income | 5,000 | 5,000 |
| Income tax | 48,900 | 28,500 |
Common Size Income statement
| Particulars |
2021 |
Percentage | 2022 | Percentage |
|---|---|---|---|---|
| Revenue form operation | 2,80,000 | 100 | 3,92,000 | 100 |
| Add other income | 5,000 | 1.79 | 5,000 | 1.28 |
| Total revenue | 2,85,000 | 101.79 | 3,97,000 | 101.28 |
| Less expenses : | ||||
| Direct expenses | 1,40,000 | 50.00 | 1,92,000 | 48.98 |
| Indirect expense | 40,000 | 14.29 | 50,000 | 12.76 |
| Non-operating exp. | 10,000 | 3.57 | 8,000 | 2.04 |
| Total expenses | 1,90,000 | 67.86 | 2,50,000 | 63.78 |
| Net Profit before tax | 95,000 | 33.93 | 1,47,000 | 37.50 |
| Less income tax | 28,500 | 10.18 | 48,900 | 12.47 |
| Net Profit after tax | 66,500 | 23.75 | 98,100 | 25.03 |
Working Notes:
| Revenue from operating | 3,00,000 | 4,00,000 |
| (sales – sales return) | -20,000 | -8,000 |
| 2,80,000 | 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.
This guide covers "Question No 27 Chapter 6 – UNIMAX Class 12 Part 2 – 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 12 Part 2 - 2023.
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