Question of 33
Q.
Profit-loss statements of Gujarat Ltd. for the year ending on 31-3-2020 and 31-3-2021 are as follow. On the basis of them prepare comparative profit-loss statement.
Summarised profit-loss statement the year ending on 31-3-2020 and 31-3-2021:
| Particulars | Note No. | 31-3-2021 (Rs.) | 31-3-2020 (Rs.) |
|---|---|---|---|
| Sales Revenue | 16,00,000 | 14,00,000 | |
| Other Income | 3,00,000 | 2,50,000 | |
| Expenses | 9,60,000 | 7,20,000 |
Income tax rate is 30%.
Gujarat GsebGujarat Board (GSEB) HSC Commerce Board 2022Subjective· 4mImportance★★★★★
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Start your 14-day free trial to unlock the full solution →Absolute change = 2021 figure - 2020 figure; % change = absolute change / 2020 figure x 100. PBT: 9,30,000 -> 9,40,000; tax at 30%; PAT: 6,51,000 -> 6,58,000.
Workings (Rs.):
- 2019-20: Total revenue = 14,00,000 + 2,50,000 = 16,50,000; PBT = 16,50,000 - 7,20,000 = 9,30,000; Tax (30%) = 2,79,000; PAT = 6,51,000.
- 2020-21: Total revenue = 16,00,000 + 3,00,000 = 19,00,000; PBT = 19,00,000 - 9,60,000 = 9,40,000; Tax (30%) = 2,82,000; PAT = 6,58,000.
Comparative Statement of Profit and Loss (for years ended 31-3-2020 and 31-3-2021):
| Particulars | 2019-20 (Rs.) | 2020-21 (Rs.) | Absolute Change (Rs.) | % Change |
|---|---|---|---|---|
| Revenue from operations (Sales) | 14,00,000 | 16,00,000 | 2,00,000 | 14.29 |
| Add: Other income | 2,50,000 | 3,00,000 | 50,000 | 20.00 |
| Total Revenue | 16,50,000 | 19,00,000 | 2,50,000 | 15.15 |
| Less: Expenses | 7,20,000 | 9,60,000 | 2,40,000 | 33.33 |
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