Question 26 Chapter 6 – Unimax Publication Class 12 Part 2 – 2021
Table of Contents
Prepare common size statement of profit from the following information.
| Particulars |
2022 | 2021 |
| Revenue from operation | 6,00,000 | 8,00,000 |
| Office & Administrative exp. | 1,40,000 | 34,500 |
| Income tax rate | 40% | 40% |
| Gross profit | 30% | 20% |
The solution of Question 26 Chapter 6 – Unimax Publication Class 12 Part 2 – 2021 : –
Common Size Income statement
For the Year 2021 & 2022
| Particulars |
note no | 2021 |
Percentage | 2022 | Percentage |
| Revenue form operation | 6,00,000 | 100 | 8,00,000 | 100 | |
| Add other income | – | – | – | – | |
| Total revenue | 6,00,000 | 100 | 8,00,000 | 100 | |
| Less expenses | |||||
| Office & Administrative exp. | 1,40,000 | 23.33 | 34,500 | 4.3 | |
| Cost of goods sold | 4,20,000 | 70.00 | 6,40,000 | 80.00 | |
| Total expense | 5,60,000 | 93.33 | 6,74,500 | 84.31 | |
| Net Profit before tax | 40,000 | 6.67 | 1,25,500 | 15.68 | |
| Less income tax | 16,000 | 2.67 | 50,200 | 6.28 | |
| Net Profit after tax | 24,000 | 4.00 | 75,300 | 9.41 |
Working Notes:
| 2021 | 2022 | |
| Gross profit | 30% of sales | 20% of sales |
| 6,00,000 x 30/100 | 20/100 x 8,00,00 | |
| = 1,80,000 | = 1,60,000 | |
| Cost of goods sold | Sales – G.P | Sales – G.P |
| 6,00,000 – 1,80,000 | 8,00,00 – 1,60,000 | |
| = 4,20,000 | = 6,40,000 |
Thanks, Please Like and share with your friends
Comment if you have any Doubts.
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
Check out T.S. Grewal +2 Book 2023@ Official Website of Sultan Chand Publication
Advertisement-X