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Question
Prepare a Comparative Statement of Profit & Loss with the help of the following information:
| Particulars | 31.3.2023 (₹) |
31.3.2022 (₹) |
| Revenue from Operations | 10,00,000 | 8,00,000 |
| Gross Profit | 30% | 25% |
| Employee Benefit Expenses | 30,000 | 40,000 |
| Other Expenses | 50,000 | 10,000 |
| Income Tax | 40% | 40% |
Ledger
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Solution
| Comparative Statement of Profit and Loss for the years ended 31st March, 2023 and 2022 |
|||||
| Particulars | Note No. | 31.3.2023 (₹) |
31.3.2022 (₹) |
Absolute Change (₹) | Percentage Change (%) |
| I. Revenue from Operations | 10,00,000 | 8,00,000 | 2,00,000 | 25.00 | |
| II. Less: Expenses | |||||
| (a) Cost of Revenue from Operations | 7,00,000 | 6,00,000 | 1,00,000 | 16.67 | |
| (b) Employee Benefit Expenses | 30,000 | 40,000 | (10,000) | (25.00) | |
| (c) Other Expenses | 50,000 | 10,000 | 40,000 | 400.00 | |
| Total Expenses | 7,80,000 | 6,50,000 | 1,30,000 | 20.00 | |
| III. Profit before tax (I − II) | 2,20,000 | 1,50,000 | 70,000 | 46.67 | |
| IV. Less: Tax @ 40% | 88,000 | 60,000 | 28,000 | 46.67 | |
| V. Profit after Tax (III − IV) | 1,32,000 | 90,000 | 42,000 | 46.67 | |
Working Note:
Calculation of Cost of Revenue from operation
For 31st March 2023:
Gross profit = 25% of Revenue from operation
= `25/100` × 8,00,000
= ₹ 2,00,000
Cost of Revenue from operation = Revenue from operation − Gross profit
₹ 8,00,000 − ₹ 2,00,000
= ₹ 6,00,000
For 31st March 2024:
Gross profit = 30% of Revenue from operation
= `30/100` × 10,00,000
= ₹ 3,00,000
Cost of Revenue from operation = Revenue from operation − Gross profit
₹ 10,00,000 − ₹ 3,00,000
= ₹ 7,00,000
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