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Question
Prepare a Comparative Income Statement from the following information:
|
Particulars |
31.3.2009 Rs |
31.3.2010 Rs |
|
Sales |
40,000 |
50,000 |
|
Cost of goods sold |
30,000 |
35,000 |
|
Wages paid |
16,000 |
14,000 |
|
Operating Expenses |
2,500 |
3,000 |
|
Other Incomes |
2,000 |
3,000 |
|
Income tax |
4,750 |
7,500 |
Solution
|
Comparative Income Statement |
||||
|
Particulars |
31.3.2009 Rs |
31.3.2010 Rs |
Absolute Change Rs |
% of Increase or Decrease |
|
Sales |
40,000 |
50,000 |
10,000 |
25 |
|
Less: Cost of Goods Sold |
30,000 |
35,000 |
5,000 |
16.67 |
|
Gross Profit |
10,000 |
15,0000 |
5,000 |
50 |
|
Less: Operating Expenses |
2,500 |
3,000 |
500 |
20 |
|
Operating Profit |
7,500 |
12,000 |
4,500 |
60 |
|
Add: Other Income |
2,000 |
3,000 |
1,000 |
50 |
|
Net Profit before Tax |
9,500 |
15,000 |
5,500 |
57.89 |
|
Less: Income Tax |
4,750 |
7,500 |
2,750 |
57.89 |
|
Profit after Tax |
4,750 |
7,500 |
2,750 |
57.89 |
|
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|
|
|
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| Balance Sheet of C and D As on 31.3.2016 |
|||
| Liabilities | Rs | Assets | Rs |
|
Sundry Creditors Provision for Bad debts Outstanding Salary General Reserve
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40,000 4,000 6,000 10,000
2,00,000 |
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| Balance Sheet of Sameer, Yasmin and Saloni As on 31.3.2016 |
|||
| Liabilities | Rs | Assets | Rs |
|
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|
1,10,000 60,000
7,00,000
|
Cash Debtors 90,000 Less: Provision 10,000 Stock Machinery Building Patents Profit and Loss Account |
80,000
80,000 1,00,000 3,00,000 2,00,000 60,000 50,000 |
| 8,70,000 | 8,70,000 | ||
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(2) Mining Rights
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| Solar Power Ltd. Balance Sheet |
|||
| Particulars | Note No. |
31-3-2014 Rs |
31-3-2014 Rs |
|
I. Equity and Liabilities 1. Shareholder’s Funds a. Share Capital b. Reserve and Surplus 2. Non - Current Liabilities a. Long-term borrowings 3. Current Liabilities a. Trade Payables b. Short Term Provisions |
24,00,000 6,00,000
4,80,000
3,58,000 1,00,000 |
22,00,000 4,00,000
3,40,000
4,08,000 1,54,000 |
|
| Total | 39,38,000 | 35,02,000 | |
|
II. Assets 1. Non – Current Assets a) Fixed Assets (i) Tangible assets (ii) Intangible b) Non – Current Investments 2. Current Assets a) Current Investment b) Inventories c) Trade Receivables d)Cash and Cash |
21,40,000 80,000
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17,00,000 2,24,000
3,00,000 2,42,000 2,86,000 7,50,000 |
|
| Total | 39,38,000 | 35,02,000 | |
Notes to Accounts
| Note No |
Particulars | As On 31-3-2014 |
As On 31-3-2013 |
|
1
|
Reserve and Surplus (Surplus i.e. Balance in Statement of Profit and Loss) |
6,00,000
|
4,00,000
|
|
2
|
Tangible Assets Machinery Less: Accumulated Depreciation |
25,40,000 (4,00,000) |
20,00,000 (3,00,000) |
|
3
|
Intangible Assets Goodwill |
80,000 |
2,24,0000 |
Additional Information:-
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