Question 24 Chapter 2 VK Publications Class 12 Part 2

Question 24 Chapter 2 VK Publications Class 12 Part 2 – 2021

Table of Contents

24. Prepare a Common Size Statement of Profit and Loss from the following:

Particulars	31st March, 2017 (Rs.)	31st March 2016 (Rs.)
Revenue from Operations	1,20,000	1,00,000
Expenses: Cost of Material Consumed	66,000	60,000
Other Expenses	21,200	17,000
Income Tax	Nil	Nil

The solution of Question 24 Chapter 2 VK Publications Class 12 Part 2: –

Common Size Balance Sheet Statement For the years ended 31st March, 2016 and 2017

Particulars	Note	Absolute Amounts		Percentage of the Balance sheet Total
		2016	2017
		Rs.	Rs.	%	%

I. Revenue from Operations		1,00,000	1,20,000	100	100
II. Expenses
Cost of Material Consumed		60,000	66,000	60.00	55.00
Other Expense		17,000	21,200	17.00	17.67
Total Expense		77,000	87,200	77.00	72.67
III. Profit before Tax (I-II)		23,000	32,800	23.00	27.33
IV. Less: Income Tax		–	–	–	–
V. Profit after Tax		23,000	32,800	23.00	27.33