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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

#### 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 NoteNo. 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 StatementFor the years ended 31st March 2012 & 2013 Particulars 2012-13 Rs 2011-12 Rs Absolute Change Rs PercentageChange % 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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