From the following information of Jamna Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2024.
Particulars 2022–23 (₹) 2023–24 (₹) Revenue from operations 16,00,000 20,00,000 Cost of revenue from operations 8,00,000 10,00,000 Other expenses 2,00,000 4,00,000
Tax Rate: $40%$
From the following information of Jamna Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2024.
| Particulars | 2022–23 (₹) | 2023–24 (₹) |
|---|---|---|
| Revenue from operations | 16,00,000 | 20,00,000 |
| Cost of revenue from operations | 8,00,000 | 10,00,000 |
| Other expenses | 2,00,000 | 4,00,000 |
Tax Rate: $40%$
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Solution and Explanation
Working Notes
Year 2022–23
Revenue from operations = ₹16,00,000
Cost of revenue = ₹8,00,000
Other expenses = ₹2,00,000
Profit before tax = ₹16,00,000 − ₹8,00,000 − ₹2,00,000 = ₹6,00,000
Tax @ 40% = ₹2,40,000
Profit after tax = ₹6,00,000 − ₹2,40,000 = ₹3,60,000
Year 2023–24
Revenue from operations = ₹20,00,000
Cost of revenue = ₹10,00,000
Other expenses = ₹4,00,000
Profit before tax = ₹20,00,000 − ₹10,00,000 − ₹4,00,000 = ₹6,00,000
Tax @ 40% = ₹2,40,000
Profit after tax = ₹6,00,000 − ₹2,40,000 = ₹3,60,000
Comparative Statement of Profit and Loss for the year ended 31st March, 2024
| Particulars | 2022–23 (₹) | 2023–24 (₹) | Change (%) |
|---|---|---|---|
| Revenue from Operations | 16,00,000 | 20,00,000 | +25% |
| Cost of Revenue from Operations | 8,00,000 | 10,00,000 | +25% |
| Other Expenses | 2,00,000 | 4,00,000 | +100% |
| Profit Before Tax | 6,00,000 | 6,00,000 | 0% |
| Less: Tax @ 40% | 2,40,000 | 2,40,000 | 0% |
| Profit After Tax | 3,60,000 | 3,60,000 | 0% |
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