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Question No 16 Chapter 6 – UNIMAX Class 12 Part 2 – 2021
From the following information, prepare a comparative income statement of Somesh Ltd.
| Particulars | 2021 | 2022 |
| Sales | 120% of COGS | 150% COGS |
| Cost of goods sold | 20,00,000 | 25,00,000 |
| Indirect expenses | 10% of gross profit | 10% of gross profit |
| Income tax | 50% of net profit before tax | 50% of net profit before tax |
The solution of Question No 16 Chapter 6 – UNIMAX Class 12 Part 2 – 2021 : –
Comparative Income Statement For the Year 2021 & 2022
| Particulars | note no | 2021 Previous Year | 2022 Current Year | Absolute change
| Percentage change
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| Revenue form operations | 24,00,000 | 37,50,000 | 13,50,000 | 56.25 | |
| Add other income | – | – | – | – | |
| Total Revenue | 24,00,000 | 37,50,000 | 13,50,000 | 56.25 | |
| Less expenses: | |||||
| Cost of goods sold | 20,00,000 | 25,00,000 | 5,00,000 | 25.00 | |
| Indirect expenses | 40,000 | 1,25,000 | 85,000 | 212.5 | |
| Total expenses | 20,40,000 | 26,25,000 | 5,85,000 | 28.68 | |
| Net Profit before tax | 3,60,000 | 11,25,000 | 7,65,000 | 212.5 | |
| Less income tax | 1,80,000 | 5,62,500 | 3,82,500 | 212.5 | |
| Net Profit after tax | 1,80,000 | 5,62,500 | 3,82,500 | 212.5 |
Working note:
| Gross profit | = Sales – Cost of Goods Sold | |
| (2021 )Gross profit | = 24,00,0000 – 20,00,000 = 4,00,000 | |
| (2022) Gross profit | = 37,50,000 – 25,00,000 = 12,50,000 | |
| Indirect tax | 2021 | = 4,00,000 x 10% = 40,000 |
| 2022 | = 12,50,000 x 10% = 1,25,000 |
End of Solution
Check Out the Solution of all questions for this chapter:
The solution to all questions of Chapter No. 6 – Tools or Methods of Financial Analysis Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
Question No 09 Chapter 6 – UNIMAX Class 12 Part 2 – 2021
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Question No 21 Chapter 6 – UNIMAX Class 12 Part 2 – 2021
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Check out all books for PSEB
1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax
UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.
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- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Punjab School Education Board (PSEB) Solutions of Usha Publication.
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