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Question
You are required to prepare a Comparative Statement of Profit & Loss from the following particulars of Nishant Ltd.
| Particulars | Note 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) |
Ledger
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Solution
| Comparative Statement of Profit & Loss of Nishant Ltd. for the year ended 31st March, 2021 and 2020 |
||||
| 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 Year Amount − Previous Year Amount
% change = `"Absolute Change"/"Previous Year Amount" xx 100`
Purchases = Cost of raw materials consumed − Changes in Inventories
2020-21 = ₹ 2,00,000 − ₹ 25,000 = ₹ 1,75,000
2019-20 = ₹ 1,50,000 + ₹ 12,500 = ₹ 1,62,500
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