Question 28 Chapter 6 – Unimax Publication Class 12 Part 2 – 2021
Table of Contents
Prepare common size income statement form the following information.
| Particulars |
2021 | 2022 |
| Revenue from operation | 12,00,000 | 18,00,000 |
| Gross profit | 40% of revenue from operating | 50% of revenue from operating |
| Administrative expenses | 20% of G.P | 15% of G.P |
| Income tax | 50% | 50% |
The solution of Question 28 Chapter 6 – Unimax Publication Class 12 Part 2-2021 : –
Common Size Income statement
For the Year 2021 & 2022
| Particulars |
2021 |
Percentage | 2022 | Percentage |
| Revenue form operation | 12,00,000 | 100.00 | 18,00,000 | 100.00 |
| Add other income | ||||
| Total revenue | 12,00,000 | 100.00 | 18,00,000 | 100.00 |
| Less expenses | ||||
| Cost of goods sold | 7,20,000 | 60.00 | 9,00,000 | 50.0 |
| Adm. Expenses | 96,000 | 8.00 | 1,35,000 | 0.75 |
| Total expenses | 8,16,000 | 68 | 10,35,000 | 57.5 |
| Net Profit before tax | 3,84,000 | 32.0 | 7,65,000 | 42.5 |
| Less income tax | 1,92,000 | 16.00 | 3,82,500 | 21.25 |
| Net Profit after tax | 1,92,000 | 16.00 | 3,82,500 | 21.25 |
Working Notes:
| 2021 = Gross profit = 12,00,000 X 40/100 = 4,80,000 |
| 2022 = Gross profit = 18,00,000 X 50/100 = 9,00,00 |
| Now cost of goods sold = sales – gross profit |
| 2021 = Cost of goods sold = 12,00,000 – 4,80,000 = 7,20,000 |
| 2022 = Cost of goods sold = 18,00,000 – 9,00,000 = 9,00,000 |
| Admi. Expenses: |
| 2021 = 4,80,000 x 20/100 = 96,000 |
| 2022 = 9,00,000 X 15/100 = 1,35,000 |
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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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