Practical Problem 06
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 (₹) | % 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 Expenses | 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 |