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Question 53 Chapter 1 VK Publications Class 12 Part 2 – 2021
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53. From the following intormation ot Ratna Ltd., prepare a Statement of Profit and Loss for the year ended 31st March, 2018:
Revenue from operations Rs. 1,15,000, Commission Received Rs. 35,000, Cost of MaterialConsumed Rs. 12,500, Purchases of Stock-in-Trade Rs. 5,000, Changes in Inventories Rs. 22,500,Employees Benefit Expenses Rs. 10,000, Finance Cost Rs. 6,000, Depreciation Rs. 2,500 Advertising Expenses Rs. 8,500.
The solution of Question 53 Chapter 1 VK Publications Class 12 Part 2: –
Statement of Profit and Loss for the year ended 31st , March 2018 :
| Particulars | Note No. | 31st March 2018Rs. | 31st March 2017Rs. |
| I. Revenue from Operations | 1 | 1,15,000 | |
| II. Other Incomes | 35,000 | ||
| III. Total Revenue from Operations (I+II) | 1,50,000 | ||
| IV. Expenses | |||
| Cost of material consumed | 12,500 | ||
| Purchase of Stock in Trade | 5,000 | ||
| Changes in Inventories | 22,500 | ||
| Employees Benefit Expenses | 10,000 | ||
| Finance Cost | 6,000 | ||
| Depreciations | 2,500 | ||
| Other expenses | 8,500 | ||
| Total Expenses | 2 | 67,000 | |
| -I. Profit beforeTax (III-IV) | 83,000 |
Notes to Accounts:
| Particulars | Rs. | |
| 1. Other Incomes | ||
| Comissions Received | 35,00 | |
| 2. Other Expenses | ||
| Advertising Expenses | 8,500 |
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Financial Statements of a Company and Its formats
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication