Question 10 Chapter 2 of +2-B – USHA Publication 12 Class

Question 10 Chapter 2 of +2-B

Question 10 Chapter 2 of +2-B

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.

 

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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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T.S. Grewal’s Analysis of Financial Statements

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