Gwalior Ltd. is in the business of manufacturing woolen garments. It decided to donate woollen clothes, blankets and other garments for flood affected areas of Jammu and Kashmir. Following particulars are obtained from the Company's books :
Particulars31−03−201431−03−2015(Rs)(Rs)Revenue from Operations30,00,00040,00,000Purchase of Stock in Trade:19,00,00020,00,000Changes in Inventories(1,00,000)2,00,000Other Expenses1,80,0001,76,000
You are required to :
(a) Prepare a Comparative Statement of Profit & Loss, and
(b) Identify the value involved.
Gwalior Ltd.
COMPARATIVE STATEMENT OF PROFIT & LOSS
for the years ended 31st March 2014 and 2015
AbsolutePercentageNoteChangeChange ParticularsNo2013−142014−15(Increase(IncreaseororDecrease)Decrease)I. Revenue from Operations30,00,000–––––––––––40,00,000–––––––––––10,00,000–––––––––––33.33II. Less : Expenses : Purchases of Stock in Trade19,00,00020,00,0001,00,0005.26 Changes in Inventories(1,00,000)2,00,0003,00,000300.00 Other Expenses1,80,000––––––––––1,76,000–––––––––– 4,000––––––––––(2.22) Total Expenses19,80,000–––––––––––23,76,000–––––––––––3,96,000––––––––––20.00III. Profit before Tax (I - II)10,20,00016,24,0006,04,00059.22
(b) Value Involved : Sympathy / Charity : By providing help to the needy people with woolen clothes, blankets etc.