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Question 10 Chapter 2 of +2-B
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Comparative Statement of Profit & Loss
10. From the following information prepare a comparative Statement of Profit and Loss for the year ended 31st March 2016 and 2015
| Particular | 31st March 2016 | 31st March 2015 |
| Revenue from Operations | 8,50,000 | 7,00,000 |
| Material Consumed | 4,20,000 | 3,30,000 |
| Manufacturing and Office Expenses | 2,60,000 | 2,40,000 |
| Other Incomes | 30,000 | 30,000 |
Other Information
Income tax is calculated @50%
Manufacturing expenses are 50% of the total of that category.
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The solution of Question 10 Chapter 2 of +2-B: –
| Comparative Balance Sheet of Sun Ltd. | |||||
| Particulars |
Note no. | 31st March, 2015 (A) (3) |
31st March, 2016 (B) (4) |
Absolute Change (Increase /Decrease) (C=B-A) (5) |
Percentage C hange (Increase /Decrease) (D=C/A x 100) (6) |
| Revenue from Operation | 7,00,000 | 8,50,000 | 1,50,000 | 21.43% | |
| Other Incomes | 30,000 | 30,000 | – | – | |
| Total | 7,30,000 | 8,80,000 | 1,50,000 | 20.55% | |
| Less: Material Consumed | 3,30,000 | 4,20,000 | 90,000 | 27.27% | |
| Manufacturing Expenses (WN) | 1,20,000 | 1,30,000 | 10,000 | 8.33% | |
| Other Expenses | 1,20,000 | 1,30,000 | 10,000 | 8.33% | |
| Total Expenses | 5,70,000 | 6,80,000 | 1,10,000 | 19.30% | |
| Profit Before Tax | 1,60,000 | 2,00,000 | 40,000 | 25.00% | |
| Less: Tax 50% | 80,000 | 1,00,000 | 20,000 | 25.00% | |
| Profit after Tax | 80,000 | 1,00,000 | 20,000 | 25.00% | |
Working Note:
Cost of Material consumed for the year 2015
| 50% of Revenue from Operation | = | ₹2,40,000 | x | 50 |
| 100 | ||||
| = | ₹1,20,000 |
Cost of Material consumed for the year 2016
| 50% of Manufacturing and Office Expenses | = | ₹2,60,000 | x | 50 |
| 100 | ||||
| = | ₹1,30,000 |
To understand more about Balance Sheet please check out following links:
Balance Sheet: Meaning, Format & Examples
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
