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Model Test Papers M.145

21. COMPARATIVE STATEMENT OF PROFIT AND LOSS for the years ended 31st March, 2017 and 2018
Particulars Note 31st March, 31st March, Absolute Change Percentage
No. 2017 2018 (Increase/ Change (Increase/
Decrease) Decrease)
` ` ` %
( C )
(A) (B) (C = B – A) D = A ¥100

I. Revenue from Operations 80,00,000 1,20,00,000 40,00,000 50.00
II. Other Incomes 16,00,000 14,40,000 (1,60,000) (10.00)
III. Total Revenue (I + II) 96,00,000 1,34,40,000 38,40,000 40.00
IV. Expenses 48,00,000 84,00,000 36,00,000 75.00
V. Profit before Tax (III – IV) 48,00,000 50,40,000 2,40,000 5.00
VI. Less: Tax 24,00,000 25,20,000 1,20,000 5.00
VII. Profit after Tax (V – VI) 24,00,000 25,20,000 1,20,000 5.00
Or
COMPARATIVE STATEMENT OF PROFIT AND LOSS for the years ended 31st March, 2017 and 2018
Particulars Note. No. 31st March, 31st March, Absolute Change Percentage Change
2017 2018 (Increase/ (Increase/
Decrease) Decrease)
` ` ` %
I. Revenue from Operations 10,00,000 20,00,000 10,00,000 100.00
II. Expenses:
(a) Cost of Materials Consumed 6,00,000 15,00,000 9,00,000 150.00
(b) Other Expenses 60,000 1,80,000 1,20,000 200.00
Total Expenses 6,60,000 16,80,000 10,20,000 154.55
III. Net Profit before Tax (I – II) 3,40,000 3,20,000 (20,000) (5.88)
IV. Less: Tax 1,02,000 1,28,000 26,000 25.49
V. Net Profit after Tax (III – IV) 2,38,000 1,92,000 (46,000) (19.33)

Current Assets ` 3,18,000
22. (a) Current Ratio = = = 1.33 : 1.
Current Liabilities ` 2,40,000
Working Notes:
1. Let Cost = ` 100; Gross Profit = ` 25;
Revenue from Operations = ` 100 + ` 25 = ` 125.
Cost of Revenue from Operations = ` 8,00,000 × ` 100/` 125 = ` 6,40,000.
Cost of Revenue from Operations
Inventory Turnover Ratio =
Average Inventory
` 6,40,000
5 =
Average Inventory
Average Inventory = ` 6,40,000/5 = ` 1,28,000
Opening Inventory + Closing Inventory
Average Inventory =
2
Let, Opening Inventory = X, Closing Inventory = X + ` 20,000
X + 20,000X + `
` 1,28,000 =
2
X + X + ` 20,000 = ` 2,56,000
X (Opening Inventory) = ` 1,18,000;
Closing Inventory = ` 1,18,000 + ` 20,000 = ` 1,38,000.