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Question
Prepare comparative Income Statement of Sourabh Limited for the year ended 31.3.17 and 31.3.18
| Particulars | 31.3.17 (₹) | 31.3.18 (₹) |
| Sales | 4,00,000 | 6,00,000 |
| Indirect Expenses | 16,000 | 24,000 |
| Cost of Sales | 24,000 | 56,000 |
| Income Tax | 50% | 50% |
Solution
| Comparative Income Statement of Sourabh Limited For the year ended on 31st March, 2017 and 31st March, 2018 | ||||
| Particulars | 31 – 03 – 2017 (₹) | 31 – 03 – 2018 (₹) | Absolute Change (₹) | Percentage (%) Change |
| Sales | 4,00,000 | 6,00,000 | 2,00,000 | 50 % Increase |
| Less : Cost of Sales | 24,000 | 56,000 | 32,000 | 133.33 % Increase |
| Gross Profit | 3,76,000 | 5,44,000 | 1,68,000 | 44.68 % Increase |
| Less : Indirect Expences | 16,000 | 24,000 | 8,000 | 50 % Increase |
| Net Profit before Tax | 3,60,000 | 5,20,000 | 1,60,000 | 44.44 % Increase |
| Less : Tax 50 % | 1,80,000 | 2,60,000 | 80,000 | 44.44 % Increase |
| Net Profit after tax | 1,80,000 | 2,60,000 | 80,000 | 44.44 % Increase |
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