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Question
Income statement of Bajaj Limited for the year ended 31st March, 2021 and 31st March, 2022 is given below. Prepare comparative Income statement:
| Particulars | 31st March 2021 (₹) |
31st March 2022 (₹) |
| Sales | 7,00,000 | 9,00,000 |
| Less: Cost of sales | 4,00,000 | 5,50,000 |
| Gross Profit | 3,00,000 | 3,50,000 |
| Less: Indirect expenses | 60,000 | 40,000 |
| Net Profit before tax | 2,40,000 | 3,10,000 |
| Less: 50% Income tax | 1,20,000 | 1,55,000 |
| Net Profit after tax | 1,20,000 | 1,55,000 |
Ledger
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Solution
| Comparative income statement of Bajaj Limited For the year ended 31st March 2021 and 31st March 2022. |
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| Particulars | 31 – 03 – 2021 (₹) |
31 – 03 –2022 (₹) |
Absolute Change (₹) |
Percentage Change |
| Sales | 7,00,000 | 9,00,000 | 2,00,000 | 28.57% (Increase) |
| Less: Cost of sales | 4,00,000 | 5,50,000 | 1,50,000 | 37.50% (Increase) |
| Gross Profit | 3,00,000 | 3,50,000 | 50,000 | 16.67% (Increase) |
| Less: Indirect Expense | 60,000 | 40,000 | (20,000) | 33.33% (Decrease) |
| Net Profit before tax | 2,40,000 | 3,10,000 | 70,000 | 29.17% (Increase) |
| Less: Income Tax (50%) | 1,20,000 | 1,55,000 | 35,000 | 29.17% (Increase) |
| Net Profit after tax | 1,20,000 | 1,55,000 | 35,000 | 29.17% (Increase) |
Working Notes:
(i) For Absolute change – Subtract previous year amount from current year
(ii) For Percentage change = `"Amount of Absolute Change"/"Amount of Previous Year" × 100`
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