[Option I] Question 11 (Choice 1) [Analysis of Financial Statements]

Transcript

From the following details provided by Kumud Ltd., prepare Comparative Statement of Profit & Loss for the year ended 31st March 2021: Particulars 31.03.20 31.03.21 Revenue from operations 30,00,000 35,00,000 Other Income 3,00,000 4,50,000 Cost of materials Consumed 20,00,000 23,00,000 Other Expenses 1,00,000 1,20,000 Tax rate 40% 40% Answer COMPARITIVE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2021 Particulars Note No. 31-Mar-20 31-Mar-21 Absolute change (Increase or Decrease) Percentage Change (Increase or Decrease) (A) (B) (C = B - A) (D = C/A*100) 1. Revenue from Operations 3000000 3500000 500000 16.67 2. Other Income 300000 450000 150000 50 3. Total Revenue 3300000 3950000 650000 19.69 4. Expenses (a) Cost of Materials Consumed 2000000 2300000 300000 15 (b) Other Expenses 100000 120000 20000 20 Total Expenses 2100000 2420000 320000 15.23809524 Profit Before Tax 1200000 1530000 330000 27.5 Less : Tax @ 40% 480000 612000 132000 27.5 Profit After Tax 720000 918000 198000 27.5