From the following information, prepare a Comparative Statement of Profit and Loss of Smart Ltd. :
From the following information, prepare a Comparative Statement of Profit and Loss of Smart Ltd. :
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Solution and Explanation
Comparative Statement of Profit and Loss
| Particulars | Note No. | 2023-24 (₹) | 2022-23 (₹) | Absolute Change (₹) | Percentage Change (%) |
|---|---|---|---|---|---|
| Revenue from Operations | 24,00,000 | 20,00,000 | 4,00,000 | 20% | |
| Cost of Materials Consumed | 6,00,000 | 4,00,000 | 2,00,000 | 50% | |
| Employee Benefit Expenses | 4,00,000 | 2,00,000 | 2,00,000 | 100% | |
| Total Expenses | 10,00,000 | 6,00,000 | 4,00,000 | 66.67% | |
| Profit Before Tax (PBT) | 14,00,000 | 14,00,000 | 0 | 0% | |
| Tax (50%) | 7,00,000 | 7,00,000 | 0 | 0% | |
| Profit After Tax (PAT) | 7,00,000 | 7,00,000 | 0 | 0% |
Explanation:
1. Revenue from Operations: Increased from ₹20,00,000 to ₹24,00,000, showing an increase of ₹4,00,000 or 20%.
2. Cost of Materials Consumed: Increased from ₹4,00,000 to ₹6,00,000, showing an increase of ₹2,00,000 or 50%.
3. Employee Benefit Expenses: Increased from ₹2,00,000 to ₹4,00,000, showing a significant increase of ₹2,00,000 or 100%.
4. Profit Before Tax (PBT): Revenue-Cost of Materials-Employee Benefit expenses. So, it becomes 2400000-600000-400000=1400000 and 2000000-400000-200000=1400000. Increased from ₹14,00,000 to ₹14,00,000, showing an increase of ₹0 or 0%.
5. Tax: Tax is calculated at 50% on PBT. Increased from ₹7,00,000 to ₹7,00,000, showing an increase of ₹0 or 0%.
6. Profit After Tax (PAT): PBT - Tax. Increased from ₹7,00,000 to ₹7,00,000, showing an increase of ₹0 or 0%.
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