Question

Following is the Statement of Profit & Loss of X L Limited for the year ended March 31, 2017 :

STATEMENT OF PROFIT & LOSS

for the year ended March 31, 2017

$\begin{array}{cccc}\text{Particulars}& \text{Note to}& 2015-16& 2016-17\\ & \text{Accounts}& \text{Amount (Rs.)}& \text{Amount (Rs.)}\\ \text{Revenue from Operations}& & 50,00,000& 80,00,000\\ \text{Expenses:}& & & \\ \text{(a) Employee Benefit Expenses}:10\%\text{of}& & & \\ \text{Revenue from Operations}& & & \\ \text{(b) Other expenses:}& & 10,00,000& 12,00,000\\ & & & \end{array}$

Tax Rate at 40%.

Prepare Comparative Statement of Profit & Loss of X L Limited.

Answer 1

X L Limited

COMPARATIVE STATEMENT OF PROFIT & LOSS
for the year ended March 31, 2016 and 2017 $\begin{array}{ccccc}& 2015-16& 2016-17& \text{Absolute}& \%\text{age}\\ \text{Particulars}& \text{Amount}& \text{Amount}& \text{Change}& \text{Change}\\ & \left(\text{Rs}\right)& \left(\text{Rs}\right)& \left(\text{Rs}\right)& \\ \text{I. Revenue from Operations}& \underset{–}{50,00,000}& \underset{–}{80,00,000}& \underset{–}{30,00,000}& 60.00\\ \text{II. Expenses :}& & & & \\ \text{Employee Benefit Expenses :}& & & & \\ 10\%\text{of Revenue from Operations:}& 5,00,000& 8,00,000& 3,00,000& 60.00\\ \text{Other Expenses}& \underset{–}{10,00,000}& \underset{–}{12,00,000}& \underset{–}{2,00,000}& \underset{–}{20.00}\\ \text{Total Expenses}& \underset{–}{15,00,000}& \underset{–}{20,00,000}& \underset{–}{5,00,000}& \underset{–}{33.33}\\ \text{III Net Profit before Tax (I-II)}& 35,00,000& 60,00,000& 25,00,000& 71.43\\ \text{IV Less : Tax}\left(40\%\right)& 14,00,000& 24,00,000& 10,00,000& 71.43\\ \text{III Net Profit after Tax (III - IV)}& \overline{21,00,000}& \overline{36,00,000}& \overline{15,00,000}& \overline{71.43}\end{array}$