Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 30 Chapter 6 – UNIMAX Class 12 Part 2 – 2021
Prepare common size income statement:
| Particulars |
2021 | 2022 |
|---|---|---|
| Revenue from operation(sales) | 1,00,000 | 1,50,000 |
| Cost of goods sold | 30% of sales | 35% of sales |
| Income tax | 25% of net profit | 25% of net profit |
| Indirect expenses | 25% of G.P | 20% of G.P |
Common Size Income statement
| Particulars |
note no | 2021 |
Percentage | 2022 | Percentage |
|---|---|---|---|---|---|
| Revenue form operation | 1,00,000 | 100.00 | 1,50,000 | 100.00 | |
| Add other income | - | - | - | - | |
| Total revenue | 1,00,000 | 100.00 | 1,50,000 | 100.00 | |
| Less expenses | |||||
| Cost of goods sold | 30,000 | 30.00 | 52,500 | 35.0 | |
| Indirect expenses | 17,500 | 17.50 | 19,500 | 13.00 | |
| Total expenses | 47,500 | 47.50 | 72,000 | 48.00 | |
| Net Profit before tax | 52,500 | 52.50 | 78,000 | 52.00 | |
| Less income tax | 13,125 | 13.12 | 19,500 | 13.00 | |
| Net Profit after tax | 39,375 | 39.38 | 58,500 | 39.00 |
Working Notes:
| Gross profit | = Sales – Cost of cost sold |
| Gross profit 2021 | = 1,00,000 - 30,000 = 70,000 |
| Gross profit 2022 | = 1,50,000 - 52,500 = 97,500 |
| Now Indirect tax | |
| 2021 | = 70,000 X 25/100 = 17,500 |
| 2022 | = 97,500 X 20/100 = 19,500 |
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.
This guide covers "Question No 30 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.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 30 Chapter 6 – UNIMAX Class 12 Part 2 – 2021" instantly.
