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Question
Income Statement of Surya Limited for the year ended 31-3-2022 and 31-3-2023 is given below. Prepare Comparative Income Statement.
| Particulars | 31-3-2022 (₹) | 31-3-2023 (₹) |
| Sales | 80,000 | 1,20,000 |
| Less : Cost of Sales | 44,000 | 72,000 |
| Gross Profit | 36,000 | 48,000 |
| Less : Indirect Expenses | 16,000 | 20,000 |
| Net Profit before Tax | 20,000 | 28,000 |
| Less : Income Tax 50% | 10,000 | 14,000 |
| Net Profit after Tax | 10,000 | 14,000 |
Ledger
Solution
Comparative Income Statement of Surya Limited for the year ended 31-3-2022 and 31-3-2023.
| Particulars | 31-3-2022 (₹) | 31-9-2023 (₹) | Absolute Change (₹) | % change |
| Sales | 80,000 | 1,20,000 | 40,000 | 50% Increase |
| Less : Cost of Sales | 44,000 | 72,000 | 28,000 | 63.64% Increase |
| Gross Profit | 36,000 | 48,000 | 12,000 | 33.33% Increase |
| Less : Indirect Expenses | 16,000 | 20,000 | 4,000 | 25% Increase |
| Net Profit before Tax | 20,000 | 28,000 | 8,000 | 40% Increase |
| Less : Tax 50% | 10,000 | 14,000 | 4,000 | 40% Increase |
| Net Profit after Tax | 10,000 | 14,000 | 4,000 | 40% Increase |
Percentage of change for sales = `"Amount of Absolute Change"/"Amount of previous year" xx 100`
`= (40,000)/(80,000) xx 100 = 50%`
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