# Question 16 Chapter 6 -Unimax Publication Class 12 Part 2 – 2021

Question No 16 Chapter No -6 Unimax Class - 12 Part - II

Question 16 Chapter 6 – Unimax Publication Class 12 Part 2 – 2021

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 2021Previous Year 2022Current 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

Comment if you have any Doubts.

Comparative Statements – Balance Sheet & Profit and Loss