Question 14 Chapter 2 of +2-B – USHA Publication 12 Class

Question 14 Chapter 2 of +2-B

Question 14 Chapter 2 of +2-B

Comparative Statement of Profit & Loss

14. From the following information prepare a comparative Statement of Profit and Loss :

Particular 31st March 2016 31st March 2015
Revenue from Operations 3,00,000 2,00,000
Other Income 60,000 50,000
Cost of Revenue from Operation 1,54,000 1,00,000
Employee benefit expenses 40,000 25,000
Other Expenses 15,000 20,000
Tax Rate 30% 30%

 

The solution of Question 14 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   2,00,000 3,00,000 1,00,000 50.00%
Other Incomes   50,000 60,000 10,000 20.00%
Total    2,50,000 3,60,000 1,10,000 44.00%
Less: Cost of Revenue from Operation   1,00,000 1,45,000 45,000 45.00%
Employee benefit Expenses   25,000 40,000 15,000 60.00%
Other Expenses   20,000 15,000 (5,000) (25.00%)
Total   1,45,000 2,00,000 55,000 37.93%
Profit Before Tax   1,05,000 1,50,000 45,000 42.86%
Less: Tax (WN)   31,500 45,000 13,500 42.86%
Profit After Tax   73,500 1,05,000 31,500 42.86%


Working Note:


Tax for year ended 31st March 2015

30% of Profit ₹1,05,000 x 30
100
  = ₹31,500    

Tax for year ended 31st March 2016

30% of Profit ₹1,50,000 x 30
100
  = ₹45,000    


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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