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Question 15 Chapter 6 – Unimax Publication Class 12 Part 2 – 2021
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Table of Contents
Prepare a comparative Income Statement from the following information:
| Particulars |
2021 | 2022 |
| Sales | 2,00,000 | 3,00,000 |
| Cost of goods sold | 60% of Sales | 70% of sales |
| Indirect expenses | 50% of gross profit | 40% of gross profit |
| Income tax | 50% of net profit before tax | 50% of net profit before tax |
The solution of Question 15 Chapter 6 – Unimax Publication Class 12 Part 2-2021 : –
Comparative Income Statement For The Year Ending 2021-2022
| Particulars |
2021 Previous Year |
2022 Current Year |
Absolute change
|
Percentage change
|
| Revenue form operations | 2,00,000 | 3,00,000 | 1,00,000 | 50.00 |
| Add other income | – | – | – | – |
| Total Revenue | 2,00,000 | 3,00,000 | 1,00,000 | 50.00 |
| Less expenses: | ||||
| Cost of goods sold | 1,20,000 | 2,10,000 | 90,000 | 75.00 |
| Indirect expenses | 40,000 | 36,000 | (4,000) | (10.00) |
| Total expenses | 1,60,000 | 2,46,000 | 86,000 | 53.75 |
| Net Profit before tax | 40,000 | 54,000 | 14,000 | 35.00 |
| Less income tax | 20,000 | 27,000 | 7,000 | 35.00 |
| Net Profit after tax | 20,000 | 27,000 | 7,000 | 35.00 |
Working note:
(I) Cost of Goods = Sale x Rate /100
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| (2021) | = Cost of Goods Sold = 2,00,000 x 60 /100 = 1,20,000 |
| (2022) | =Cost of Goods Sold = 3,00,000 x 70/100 = 2,10,000 |
| Gross Profit | = Sale-Cost + Good Sold |
| (2021) | =2,00,000 – 1,20,000 =80,000 |
| (2022) | = 3,00,000 – 2,10,000 = 90,000 |
| Indirect Expenses | =Gross Profit x Rat/100 |
| 2021 | =80,000 x 50/100 = 40,000 |
| 2022 | = 90,000 x 40/100 = 36,000 |
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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
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