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Question 16 Chapter 6 – Unimax Publication Class 12 Part 2 – 2021
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Table of Contents
From the following information, prepare a comparative income statement of Somesh Ltd.
| Particulars | 2021 | 2022 |
| Sales | 120% of COGS | 150% COGS |
| Cost of goods sold | 20,00,000 | 25,00,000 |
| Indirect expenses | 10% of gross profit | 10% of gross profit |
| Income tax | 50% of net profit before tax | 50% of net profit before tax |
The solution of Question 16 Chapter 6 – Unimax Publication Class 12 Part 2-2021 : –
Comparative Income Statement For the Year 2021 & 2022
| Particulars | note no | 2021 Previous Year | 2022 Current Year | Absolute change
| Percentage change
|
| Revenue form operations | 24,00,000 | 37,50,000 | 13,50,000 | 56.25 | |
| Add other income | – | – | – | – | |
| Total Revenue | 24,00,000 | 37,50,000 | 13,50,000 | 56.25 | |
| Less expenses: | |||||
| Cost of goods sold | 20,00,000 | 25,00,000 | 5,00,000 | 25.00 | |
| Indirect expenses | 40,000 | 1,25,000 | 85,000 | 212.5 | |
| Total expenses | 20,40,000 | 26,25,000 | 5,85,000 | 28.68 | |
| Net Profit before tax | 3,60,000 | 11,25,000 | 7,65,000 | 212.5 | |
| Less income tax | 1,80,000 | 5,62,500 | 3,82,500 | 212.5 | |
| Net Profit after tax | 1,80,000 | 5,62,500 | 3,82,500 | 212.5 |
Working note:
| Gross profit | = Sales – Cost of Goods Sold | |
| (2021 )Gross profit | = 24,00,0000 – 20,00,000 = 4,00,000 | |
| (2022) Gross profit | = 37,50,000 – 25,00,000 = 12,50,000 | |
| Indirect tax | 2021 | = 4,00,000 x 10% = 40,000 |
| 2022 | = 12,50,000 x 10% = 1,25,000 |
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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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