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
- Pass the necessary journal entries for the following transactions on the dissolution of a partnership firm of Vibha and Ajit after various assets (other than cash) and external liabilities have been transferred to Realisation Account:}
Creditors worth ₹ 46,000 accepted ₹ 9,000 cash and furniture of ₹ 32,000 in full settlement of their claim.
The firm had stock of ₹ 20,000. Ajit took over 40% of the stock at a discount of 10% while the remaining stock was sold for ₹ 18,000.
Vibha was appointed to look after dissolution work for which she was allowed a remuneration of ₹ 16,000. Vibha agreed to bear the dissolution expenses. Actual dissolution expenses ₹ 15,000 were paid by Vibha.
Ajit’s loan of ₹ 45,000 was settled at ₹ 42,000.
A machine which was not recorded in the books was taken over by Vibha at ₹ 23,000, whereas its expected value was ₹ 28,000.
The firm had a debit balance of ₹ 20,000 in the Profit and Loss Account on the date of dissolution.- CBSE CLASS XII - 2025
- Accountancy
- 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 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
- Sharmila, Urmila, and Leela are partners in the firm 'Jeevan Stores' sharing profit and losses in the ratio 2 : 2 : 1 respectively. On 31st March 2020, they decided to dissolve the firm when their Balance Sheet was as follows: \begin{table}[h!] \centering \begin{tabular}{|l|r|l|r|} \hline Liabilities & Amount (₹) & Assets & Amount (₹)
\hline Capital Account: & & Goodwill & 45,600
Sharmila & 2,27,160 & Machinery & 73,000
Urmila & 1,44,000 & Motor car & 1,67,600
Leela & 1,08,000 & Building & 1,02,000
Creditors & 28,800 & Investment & 62,400
Bills Payable & 21,600 & Debtors & 30,600
& & Stock & 45,000
& & Bank & 3,360
\hline Total: & 5,29,560 & Total: & 5,29,560
\hline \end{tabular} \end{table} The firm was dissolved on the above date and the assets were realised as under: \[\begin{array}{rl} \bullet & \text{Sharmila agreed to take over the building at ₹ 1,23,600.} \\ \bullet & \text{Urmila took over goodwill, stock, and debtors at book value and agreed to pay creditors and bills payable.} \\ \bullet & \text{Motor car and Machinery were realised at ₹ 1,51,080 and ₹ 31,680 respectively.} \\ \bullet & \text{Investments were taken by Leela at an agreed value of ₹ 55,440.} \\ \bullet & \text{Realisation expenses amounted to ₹ 6,800.} \\ \end{array}\] Prepare: \[\begin{array}{rl} \bullet & \text{(a) Realisation Account} \\ \bullet & \text{(b) Partners' Capital Account} \\ \bullet & \text{(c) Bank Account} \\ \end{array}\]- Maharashtra Class XII - 2025
- Book-Keeping & Accountancy
- Dissolution of Partnership Firms
A, B, C, and D share profit and loss in the ratio of 4 : 3 : 2 : 1. The partnership was dissolved on 31st March, 2024. The firm’s balance sheet on this date was as follows:
Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 1,20,000 Cash at Bank 8,000 Bills Payable 20,000 Bills Receivable 40,000 Capital A 80,000 Debtors 1,40,000 Capital C 1,20,000 Stock 92,000 Capital B 40,000 Capital D 20,000 Total 3,40,000 Total 3,40,000
90% of Book value was realised from Debtors and Bills Receivable. Stock could be sold for ₹ 78,000. Outstanding salary of ₹ 2,000, which was not shown in the Balance Sheet, was also paid. The realisation expenses amounted to ₹ 6,000.
B is insolvent and only ₹ 32,000 could be recovered from him. The rule of Garner v/s Murray shall apply.
Prepare Realisation Account and Partners' Capital Account.- UP Board XII - 2025
- Accountancy
- Dissolution of Partnership Firms
View More Questions
Questions Asked in CBSE CLASS XII exam
- Briefly explain the dual pricing policy adopted by China.
- CBSE CLASS XII - 2025
- Global Economy
- Draft an invitation card on behalf of the Principal of J.B. Bhatia Public School for the launch of ‘Yoga for Life’ programme in the school. Mention a compelling highlight of the programme along with other necessary details.
- CBSE CLASS XII - 2025
- Letter Writing
- A convex lens of focal length \( f = 15\,cm \) forms a real image of a 6 cm tall object placed at 30 cm. Find the position, nature, and height of the image.
- The electric field at a point in a region is given by \( \vec{E} = \alpha \frac{\hat{r}}{r^3} \), where \( \alpha \) is a constant and \( r \) is the distance of the point from the origin. The magnitude of potential of the point is:
- CBSE CLASS XII - 2025
- Electrostatics
- Define a wavefront. An incident plane wave falls on a convex lens and gets refracted through it. Draw a diagram to show the incident and refracted wavefront.
- CBSE CLASS XII - 2025
- Wave Optics
View More Questions