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Summarised profit and loss statements of Gujarat Ltd. for the year ending on 31.03.2023 and 31.03.2024 are as follows: Prepare comparative profit and loss statement.

Profit-loss statement of Gujarat Ltd. for the year ending on 31.03.2023 and 31.03.2024

ParticularsNote No.31.3.2024 (₹)31.3.2023 (₹)
Sales revenue9,00,0008,00,000
Other Income2,00,0001,00,000
Cost of goods consumed3,30,0003,00,000
Financial expenses1,00,0001,00,000
Other expenses1,80,0002,00,000

Income tax rate is 30%

Gujarat GsebGujarat Board (GSEB) HSC Commerce Board 2026Subjective· 4mImportance★★★★★
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Profit before tax rises 63.33% (3,00,000 to 4,90,000) and profit after tax rises 63.33% (2,10,000 to 3,43,000).

Percentage change = (2024 - 2023) / 2023 x 100. Tax at 30% on profit before tax.

Comparative Statement of Profit and Loss of Gujarat Ltd. (years ending 31.3.2023 and 31.3.2024):

Particulars31.3.202331.3.2024Absolute change% change
Revenue from operations (Sales)8,00,0009,00,0001,00,00012.50
Add: Other income1,00,0002,00,0001,00,000100.00
Total revenue (A)9,00,00011,00,0002,00,00022.22
Cost of goods consumed3,00,0003,30,00030,00010.00
Financial expenses1,00,0001,00,00000.00
Other expenses2,00,0001,80,000(20,000)(10.00)
Total expenses (B)6,00,0006,10,00010,0001.67

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