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You are required to prepare a Comparative Statement of Profit & Loss from the following particulars of Nishant Ltd. - Accounts

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Sum

You are required to prepare a Comparative Statement of Profit & Loss from the following particulars of Nishant Ltd.

Particulars No. 31.03.2021
(₹)

31.03.2020
(₹)

Revenue from operations   4,00,000 3,00,000
Cost of raw materials consumed   2,00,000 1,50,000
Changes in inventories of
raw materials
  25,000 (12,500)
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Solution

Comparative Statement of Profit & Loss of Nishant Ltd.
(for the year ended 31st March, 2021)
Particulars 31-3-2021 31-3-2020 Absolute change % change
I. Income        
Revenue from operations 4,00,000 3,00,000 1,00,000 33.33
Total 4,00,000 3,00,000 1,00,000 33.33
II. Expenses        
Cost of materials consumed 2,00,000 1,50,000 50,000 33.33
Change in inventories of raw materials 25,000 (12,500) 37,500 300
  2,25,000 1,37,500 87,500 63.64
Net profit before Tax (I - II) 1,75,000 1,62,500 12,500 7,69

Working Notes:

Absolute change = Current Years Amount - Previous Years Amount

% change = `"Absolute Change"/"Previous Years Amount" xx 100`

Concept: Comparative Statements
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