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Question
From the following information prepare a Comparative Statement of Profit and Loss of Y Ltd:
| Particulars | 31.3.2023 | 31.3.2022 |
| Revenue from operations (₹) | 40,00,000 | 20,00,000 |
| Purchase of stock in trade (₹) | 24,00,000 | 12,00,000 |
| Change in inventories (% of purchase of stock in trade) | 25% | 20% |
| Other expenses (₹) | 2,00,000 | 1,60,000 |
| Tax rate | 40% | 40% |
Ledger
Solution
| Comparative Statement of Profit and Loss of Y Ltd. for the year ended 31st March 2022 and 31st March 2023 |
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| Particulars | Note no. | 2022 (₹) (A) | 2023 (₹) (B) | Absolute Change (₹) (C = B − A) |
Percentage Change (%) (D = C/A × 100) |
| I. Revenue from operations | 20,00,000 | 40,00,000 | 20,00,000 | 100 | |
| II. Total Income | 20,00,000 | 40,00,000 | 20,00,000 | 100 | |
| Less: Expenses | |||||
| Purchase of stock in trade | 12,00,000 | 24,00,000 | 12,00,000 | 100 | |
| Change in inventories | |||||
| Other expenses | 2,40,000 | 6,00,000 | 3,60,000 | 150 | |
| 1,60,000 | 2,00,000 | 40,000 | 25 | ||
| III. Total Expenses | 16,00,000 | 32,00,000 | 16,00,000 | 100 | |
| IV. Profit before Tax (II − IV) | 4,00,000 | 8,00,000 | 4,00,000 | 100 | |
| V. Less: Tax (40%) | 1,60,000 | 3,20,000 | 1,60,000 | 100 | |
| Profit after Tax (IV − V) | 2,40,000 | 4,80,000 | 2,40,000 | 100 | |
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