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Assam Tea Ltd. decided to donate 5 % of its net profit every year to a Non-Government Organisation (N.G.O), that is engaged in providing clean drinking water in the rural areas of Assam. Following particulars are related to the Statement of Profit & Loss of the Company for two consecutive years :

Particulars31.03.201731.03.2016Rs.Rs.Revenue from Operations75,00,00060,00,000Other Incomes1,20,0001,50,000Expenses50,60,00044,00,000Income Tax40%35%

You are required to Prepare the Comparative Statement of Profit & Loss


Solution

                                                                              Assam Tea Ltd.

                          COMPARATIVE STATEMENT OF PROFIT & LOSS

                                for the years ended 31st March, 2016 and 2017

ParticularsNote No.201516201617AbsolutePercentageChangeChange(Increase or(Increase orDecrease)Decrease)AB(B - A = C)C/A×100=DRs.Rs.Rs.%I. Revenue from Operation60,00,00075,00,00015,00,00025.00II. Add : Other Incomes1,50,0001,20,000(30,000)(20.00)III. Total Revenue (I + II)¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯61,50,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯76,20,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯14,70,000¯¯¯¯¯¯¯¯¯¯¯¯23.90IV. Less : Expenses44,00,00050,60,000  6,60,00015.00V. Profit before Tax (III - IV)¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯17,50,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯25,60,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯  8,10,000  ¯¯¯¯¯¯¯¯¯¯¯¯46.29VI. Less : Tax 6,12,50010,24,0004,11,50067.18VII. Profit after tax (V -  VI)¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯11,37,500¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯15,36,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯  3,98,500  ¯¯¯¯¯¯¯¯¯¯¯¯35.03

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