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From the Following Statement of Profit and Loss of Corex Ltd, Year Ended 31st March 2013, Prepare a Comparative Statement of Profit and Loss : Rate of Income Tax Was 40%. - CBSE (Arts) Class 12 - Accountancy

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Question

From the following Statement of profit and loss of Corex Ltd, year ended 31st March 2013, prepare a comparative statement of Profit and Loss :

Particular Note
No.

2012-13

Rs

2011-12

Rs

Revenue from operation   14,00,000 11,00,000
Other expenses   2,00,000 1,40,000
Expenses   8,00,000 9,00,000

Rate of Income tax was 40%.

Solution

Comparative Income Statement
For the years ended 31st March 2012 & 2013
Particulars

2012-13

Rs

2011-12

Rs

Absolute Change

Rs

Percentage
Change %
i. Revenue from operations 14,00,000 11,00,000 3,00,000 27.27
ii. Other Income 2,00,000 1,40,000 60,000 42.85
iii. Total Revenue (I+II) 16,00,000 12,40,000 3,60,000 29.03
iv. Expense 8,00,000 9,00,000 (1,00,000) (11.11)
Profit before Income Tax(III-IV) 8,00,000 9,00,000 4,60,000 135.29
Less: Income Tax 3,20,000 1,36,000 1,84,000 135.29
Profit after Income Tax 4,80,000 2,04,000 2,76,000 135.29
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Solution From the Following Statement of Profit and Loss of Corex Ltd, Year Ended 31st March 2013, Prepare a Comparative Statement of Profit and Loss : Rate of Income Tax Was 40%. Concept: Comparative Statements.
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