Advertisements
Advertisements
Question
From the following information, prepare Comparative Statement of Profit and Loss for the year ended 31st March, 2023:
| Particulars | 2022–23 (₹) | 2021–22 (₹) |
| Revenue from operations | 4,00,000 | 2,00,000 |
| Other income | 80,000 | 40,000 |
| Employee Benefit Expenses - 50% of Revenue from Operations | ||
| Tax Rate 50% |
Ledger
Advertisements
Solution
| Comparative Statement of Profit & Loss (For the years ended 31st March 2022 and 31st March 2023) |
||||
| Particulars | 2021–22 (₹) (A) |
2022–23 (₹) (B) |
Absolute Change (₹) (C = B - A) |
Percentage Change (%) (D = $\frac{C}{A} \times 100$) |
| I. Revenue from Operations | 2,00,000 | 4,00,000 | 2,00,000 | 100.00% |
| II. Add: Other Income | 40,00,0 | 80,000 | 40,000 | 100.00% |
| III. Total Revenue (I + II) | 2,40,000 | 4,80,000 | 2,40,000 | 100.00% |
| IV. Less: Expenses | ||||
| (a) Employee Benefit Expenses | 1,00,000 | 2,00,000 | 1,00,000 | 100.00% |
| Total Expenses (IV) | 1,00,000 | 2,00,000 | 1,00,000 | 100.00% |
| V. Profit before Tax (III - IV) | 1,40,000 | 2,80,000 | 1,40,000 | 100.00% |
| VI. Less: Tax @ 50% | 70,000 | 1,40,000 | 70,000 | 100.00% |
| VII. Profit after Tax (V - VI) | 70,000 | 1,40,000 | 70,000 | 100.00% |
Working Notes:
Calculation of Employee Benefit Expenses (50% of Revenue from Operations):
2021-22 = `₹ 2,00,000 xx 50/100`
= ₹ 1,00,000
2022-23 = `₹ 4,00,000 xx 50/100`
= ₹ 2,00,000
shaalaa.com
Is there an error in this question or solution?
