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% |
Top Questions on Dissolution of Partnership Firms
Rishi, Manu and Komal were partners in a firm sharing profits and losses in the ratio of 3 : 4 : 5. On 31st March, 2024 their firm was dissolved. After transferring sundry assets (except cash in hand and cash at bank) and third party liabilities to realisation account, the following transactions took place:
(i) A creditor of ₹2,00,000 took over an old machine for ₹70,000 that had been completely written off and his balance was settled at a discount of 10%.
(ii) Remaining creditors of ₹8,00,000 agreed to take over stock of ₹6,00,000 in full settlement of their claim.
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