Question 13 Chapter 6 – Unimax Publication Class 12 Part 2 – 2021
Table of Contents
From the following information, prepare comparative income statements of X Ltd.
| Particulars |
2021 | 2022 |
| Revenue from operation | 120% of COGS | 150% of COGS |
| Cost of revenue from operation | 10,00,000 | 15,00,000 |
| Direct expenses | 5,000 | 5,000 |
| Indirect expenses | 5% of G.P | 10% of G.P |
| Income tax | 30% | 30% |
| Interest on investment | 6,000 | 8,000 |
The solution of Question 13 Chapter 6 – Unimax Publication Class 12 Part 2-2021: –
Comparative Income Statement of X Ltd.
| Particulars |
note No |
2021 A |
2022 B |
Absolute change B-A =C |
Percentage change C/A |
| Revenue form operations | 12,00,000 | 2,25,000 | 9,75,000 | 81.25 | |
| Add other income (interest on investment | 6,000 | 8,000 | 2,000 | 33.33 | |
| Total revenue | 12,06,000 | 2,33,000 | 9,73,000 | 80.68 | |
| Less expenses: | |||||
| Cost of goods sold | 10,00,000 | 15,00,000 | 5,00,000 | 50.00 | |
| Indirect expenses | 10,000 | 75,000 | 65,000 | 65.00 | |
| Total expenses | 10,10,000 | 15,75,000 | 5,65,000 | 55.69 | |
| Net Profit before tax | 1,96,000 | 13,42,000 | 11,46,000 | 584.69 | |
| Less income tax | 58,800 | 4,02,600 | 3,43,800 | 584.69 | |
| Net Profit after tax | 1,37,200 | 9,39,400 | 8,02,200 | 584.69 |
Working note:
| Revenue from Operation | =120% of COG Sold | |
| Rev. From Operation (2021) | = 120/ x 10,00,000 = 12,00,000 | |
| Rev. From Operation (2022) | = 150/100 x 15,00,000 = 2,25,000 | |
| Gross Profit 2021= Sales-cost of Goods Sold | =12,00,000 -10,00,000 = 2,00,000 | |
| Gross Profit (2022) | =22,50,000 – 15,00,000 = 7,50,000 | |
| Indirect Expenses : | (2021) | (2022) |
| 5%of G.P | 10% of G.P | |
| 2,00,000 x 5/100 | 7,50,000 x 10/100 | |
| =10,000 | =75,000 |
Thanks, Please Like and share with your friends
Comment if you have any Doubts.
Comparative Statements – Balance Sheet & Profit and Loss
Unimax 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 (Change in Profit sharing ratio among Existing Partners )
- 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)
Unimax Publication – Accountancy PSEB (Class 12) – Part – II – Solution
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Company Accounts (Issue of Debentures)
- Chapter No. 3 – Company Accounts (Redemption of Debentures)
- Chapter No. 4 – Financial Statements of a Company
- Chapter No. 5 – Financial Statement Analysis
- Chapter No. 6 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2023@ Official Website of Sultan Chand Publication
Advertisement-X