Question

From the following Information, prepare Comparative Statement of Profit and Loss:

Particulars		31st March, 2019	31st March, 2018
Revenue from Operations		₹ 30,00,000	₹ 20,00,000
Other Income (% of Revenue from Operations)		12%	20%
Expenses (% of Operating Revenue)		70%	60%
Tax Rate		40%	40%

Answer 1

Comparative Income Statement for the year ended March 31, 2018 and 2019
Particulars	March 31, 2018 (₹)	March 31, 2019 (₹)	Absolute Change (₹)	Percentage Change (%)
I. Revenue from operations	20,00,000	30,00,000	10,00,000	50.00
II. Other Income	4,00,000	3,60,000	(40,000)	(10.00)
III. Total Revenue (I + II)	24,00,000	33,60,000	9,60,000	40.00
IV. Expenses	12,00,000	21,00,000	9,00,000	75.00
Profit before Income Tax	12,00,000	12,60,000	60,000	5.00
Less: Income Tax @ 40%	4,80,000	5,04,000	24,000	5.00
Profit after Income Tax	7,20,000	7,56,000	36,000	5.00

Working Notes:

WN1 Computation of Other Income

Particulars	2018 (₹)	2019 (₹)
Revenue From Operations	20,00,000	30,00,000
% of Revenue From Operations	20%	12%
Other Income	4,00,000	3,60,000

WN1 Computation of Expenses

Particulars	2018 (₹)	2019 (₹)
Revenue From Operations	20,00,000	30,00,000
% of Revenue From Operations	60%	70%
Expenses	12,00,000	21,00,000