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From the Following Statement of Profit and Loss of the Year Ended 31st March 2013, Prepare a Comparative Statement of Profit and Loss ‘Of Better Sales Ltd. Rate of Income Tax Was 50%. - CBSE (Arts) Class 12 - Accountancy

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Question

From the following Statement of profit and loss of the year ended 31st March 2013, prepare a comparative statement of Profit and Loss ‘of Better Sales Ltd.

Particulars 2012-13  Rs 2011-12  Rs

Revenue from operation

Other expenses

Expenses

7,00,000

75,000

4,50,000

5,00,000

1,00,000

3,75,000

Rate of Income tax was 50%.

Solution

Comparative Income Statement
For the years ended 31st March 2012 & 2013
Particulars 2012-13 2011-12

Absolute Change

Rs

%
Change
1) Revenue from operations 7,00,000 5,00,000 2,00,000 40.00
2) Other Income 75,000 1,00,000 25,000 25.00
3) Total Revenue(I-II) 7,75,000 6,00,000 1,75,000 29.17
4) Expense 4,50,000 3,75,000 75,000 20.00
Profit before Income Tax(III-Iv) 3,25,000 2,25,000 1,00,000 44.44
Less: Income Tax 1,62,000 1,12,500 50,000 44.44
Profit after Income Tax 1,62,500 1,12,500 50,000 44.44
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Solution From the Following Statement of Profit and Loss of the Year Ended 31st March 2013, Prepare a Comparative Statement of Profit and Loss ‘Of Better Sales Ltd. Rate of Income Tax Was 50%. Concept: Comparative Statements.
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