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Question
Prepare a comparative statement of profit and loss of Cosmos Ltd. from the following information:
| Particulars | 31.03.2019 | 31.03.2018 |
| Revenue from Operations | ₹ 20,00,000 | ₹ 10,00,000 |
| Purchases of stock-in-trade | ₹ 12,00,000 | ₹ 6,00,000 |
| Change in Inventories of Stock-in-trade | 25% of purchases of stock-in-trade | 20% of purchases of stock-in-trade |
| Other Expenses | ₹ 1,00,000 | ₹ 80,000 |
| Tax Rate | 40% | 40% |
Ledger
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Solution
| Comparative Statement of Profit and Loss of Cosmos Ltd. for the years ended 31st March, 2019 and 2018 |
|||||
| Particulars | Note No. | 31.03.2019 (₹) |
31.03.2018 (₹) |
Absolute Change (₹) |
Percentage Change (%) |
| I. Revenue from Operations | 20,00,000 | 10,00,000 | 10,00,000 | 100 | |
| II. Less: Expenses | |||||
| Purchase of Stock in Trade | 12,00,000 | 6,00,000 | 6,00,000 | 100 | |
| Change in Inventories | 3,00,000 | 1,20,000 | 1,80,000 | 150 | |
| Other Expenses | 1,00,000 | 80,000 | 20,000 | 25 | |
| Total Expenses | 16,00,000 | 8,00,000 | 8,00,000 | 100 | |
| III. Profit before tax (I − II) | 4,00,000 | 2,00,000 | 2,00,000 | 100 | |
| IV. Less: Tax | 1,60,000 | 80,000 | 80,000 | 100 | |
| V. Profit after Tax (III − IV) | 2,40,000 | 1,20,000 | 1,20,000 | 100 | |
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