Question 27 Chapter 6 – Unimax Publication Class 12 Part 2 – 2021
Table of Contents
From the following information of Jaskirat Steels Ltd. prepare common size income statement.
| Particulars |
2022 | 2021 |
| Gross sales | 4,00,000 | 3,00,000 |
| Sales return | 8,000 | 20,000 |
| Direct expenses | 1,92,000 | 1,40,000 |
| Indirect expenses | 50,000 | 40,000 |
| Non-operating expenses | 8,000 | 10,000 |
| Non-operating income | 5,000 | 5,000 |
| Income tax | 48,900 | 28,500 |
The solution of Question 27 Chapter 6 – Unimax Publication Class 12 Part 2-2021 : –
Common Size Income statement
| Particulars |
2021 |
Percentage | 2022 | Percentage |
| Revenue form operation | 2,80,000 | 100 | 3,92,000 | 100 |
| Add other income | 5,000 | 1.79 | 5,000 | 1.28 |
| Total revenue | 2,85,000 | 101.79 | 3,97,000 | 101.28 |
| Less expenses : | ||||
| Direct expenses | 1,40,000 | 50.00 | 1,92,000 | 48.98 |
| Indirect expense | 40,000 | 14.29 | 50,000 | 12.76 |
| Non-operating exp. | 10,000 | 3.57 | 8,000 | 2.04 |
| Total expenses | 1,90,000 | 67.86 | 2,50,000 | 63.78 |
| Net Profit before tax | 95,000 | 33.93 | 1,47,000 | 37.50 |
| Less income tax | 28,500 | 10.18 | 48,900 | 12.47 |
| Net Profit after tax | 66,500 | 23.75 | 98,100 | 25.03 |
Working Notes:
| Revenue from operating | 3,00,000 | 4,00,000 |
| (sales – sales return) | -20,000 | -8,000 |
| 2,80,000 | 3,92,000 | |
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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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