Profit and Loss statements of Janki Ltd. for the year ending on 31-3-1 – InterviewSolution

1.

Profit and Loss statements of Janki Ltd. for the year ending on 31-3-18 and 31-3-19 are as follows. On the basis of them prepare comparative profit and loss statement.ParticularsNote No.31-3-2019(₹)31-3-2018(₹)Sales revenue21,00,00012,60,000Net purchase for resale12,60,0008,40,000Changes in stock70,00070,000Other expenses (% of cost of sales)1012Income tax30%30%

Answer»

Particulars	Increase/Decrease (₹)	Increase/Decrease (%)
(I) Sales revenue	8,40,000	66.67
(II) Expenses :
(i) Net purchase for resale	4,20,000	50.00
(ii) Changes in stock	–	–
(iii) Other expenses	23,800	21.79
Total Expenses	4,43,800	43.54
(III) Profit before tax	3,96,200	164.53
(IV) Less: Income tax (30%)	1,18,860	164.53
(V) Profit after tax	2,77,340	164.53

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