Question:
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: $40%$
Show Hint
In a comparative statement, always compute both the absolute and percentage changes. This helps in understanding the trend and efficiency of the company.
Updated On: Jul 19, 2025
Hide Solution
Verified By Collegedunia
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% |
Was this answer helpful?
0
0
Top Questions on Dissolution of Partnership Firms
- Madhavan, Chatterjee and Pillai were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. On 31stMarch, 2024, their Balance Sheet was as follows :
Balance Sheet of Madhavan, Chatterjee and Pillai as at 31st March, 2024
On the above date, the firm was dissolved and the following transactions took place :Liabilities Amount (₹) Assets Amount (₹) Creditors 1,10,000 Cash at Bank 4,05,000 Outstanding Expenses 17,000 Stock 2,20,000 Mrs. Madhavan’s Loan 2,00,000 Debtors 95,000 Chatterjee’s Loan 1,70,000 Less: Provision for Doubtful Debts (5,000) Capitals: Madhavan – 2,00,000 Land and Building 1,82,000 Chatterjee – 1,00,000 Plant and Machinery 1,00,000 Pillai – 2,00,000 Total 9,97,000 Total 9,97,000
Debtors were taken over by the creditors in full settlement of their claim.
Madhavan agreed to pay Mrs. Madhavan’s loan.
50% of the stock was taken over by Chatterjee at 10% less than the book value. The remaining stock was sold at a profit of 20%.
Land and Building was taken over by Pillai for \(₹1,00,000\) and Plant and Machinery was sold as scrap for \(₹20,000\).
Realisation expenses \(₹17,000\) were paid by cheque.
Prepare Realisation Account.- CBSE CLASS XII - 2025
- Accountancy
- Dissolution of Partnership Firms
- On dissolution, Mohan's loan of ₹10,000 will be discharged by crediting:
- CBSE CLASS XII - 2025
- Accountancy
- Dissolution of Partnership Firms
- On the dissolution of the partnership firm of Raman, Hari and Suresh, realisation expenses \(₹17,000\) were paid by a debtor of \(₹75,000\) on behalf of the firm. The remaining amount was received from him along with interest of \(₹2,000\) for delayed payment. Realisation Account will be ___________ by ___________.
- CBSE CLASS XII - 2025
- Accountancy
- Dissolution of Partnership Firms
- On dissolution of a firm, there was an unrecorded asset of \(₹15,000\) which was taken over by a partner at \(₹13,000\). Partner’s capital account will be debited by :
- CBSE CLASS XII - 2025
- Accountancy
- Dissolution of Partnership Firms
- Madhur and Neeraj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The Balance Sheet as at 31st March, 2024 was as follows: Balance Sheet of Madhur and Neeraj as at 31st March, 2024The firm was dissolved on the above date and the following transactions took place:
Liabilities Amount (₹) Assets Amount (₹) Capitals: Machinery 7,00,000 Madhur 9,00,000 Investments 4,00,000 Neeraj 8,00,000 Debtors 11,00,000 Creditors 6,00,000 Stock 2,00,000 Bills Payable 2,00,000 Cash at Bank 1,00,000 Total 25,00,000 Total 25,00,000
Machinery was taken over by creditors in full settlement of their account.
Investments were taken over by Neeraj at \u20b9 5,00,000.
One of the debtors of \u20b9 1,00,000 was untraceable. Remaining debtors were realised at 10% less.
Stock was taken over by Madhur at 50% discount.
Realisation expenses amounting to \u20b9 1,00,000 were paid by Madhur.
Prepare Realisation Account.- CBSE CLASS XII - 2025
- Accountancy
- Dissolution of Partnership Firms
View More Questions
Questions Asked in CBSE CLASS XII exam
- Vishesh, Manik and Amit were partners in the ratio 5 : 4 : 1. Amit retired on 31st March, 2024. Vishesh and Manik decided to share Amit’s share in the ratio 2 : 3. What will be the new profit sharing ratio between Vishesh and Manik?
- CBSE CLASS XII - 2025
- Retirement and Death of a Partner
- The electric field in a region is given by \( \vec{E} = 40x \hat{i} \, \text{N/C}. \) Find the amount of work done in taking a unit positive charge from a point (0, 3m) to the point (5m, 0).
- CBSE CLASS XII - 2025
- Electrostatics
- Consider the Linear Programming Problem, where the objective function \[ Z = x + 4y \] needs to be minimized subject to the following constraints: \[ 2x + y \geq 1000, \] \[ x + 2y \geq 800, \] \[ x \geq 0, \quad y \geq 0. \] Draw a neat graph of the feasible region and find the minimum value of $Z$.
- CBSE CLASS XII - 2025
- Linear Programming Problem
- A rectangular glass slab ABCD (refractive index 1.5) is surrounded by a transparent liquid (refractive index 1.25) as shown in the figure. A ray of light is incident on face AB at an angle \(i\) such that it is refracted out grazing the face AD. Find the value of angle \(i\).
- CBSE CLASS XII - 2025
- Refraction
- Considering the case of magnetic field produced by air-filled current carrying solenoid, show that the magnetic energy density of a magnetic field \( B \) is \( \frac{B^2}{2\mu_0} \).
- CBSE CLASS XII - 2025
- Magnetic Field
View More Questions