Question

From the following information, prepare a comparative income statement Particulars 2020 Rs. 2021 Rs. Sales 10,00,000 8,00,000 Cost of Goods sold 6,00,000 4,00,000 Administration expenses 2,00,000 1,40,000 Other Income 40,000 20,000 Income Tax 1,20,000 1,40,000​

Answer 1

Answer:

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Explanation:

Particulars

2018

(₹)

2019

(₹)

Absolute

Change

(₹)

Percentage

Change

(%)

I. Equity and Liabilities

1. Shareholders’ Funds

a. Share Capital

3,00,000

3,50,000

50,000

16.67

Shareholders’ Fund

3,00,000

3,50,000

50,000

16.67

2. Non-Current Liabilities

a. Long-term Borrowings

2,00,000

1,00,000

(1,00,000)

(50.00)

3. Current Liabilities

a. Trade Payables

1,00,000

1,50,000

50,000

50.00

Total

6,00,000

6,00,000

–

–

II. Assets

1. Non-Current Assets

a. Fixed Assets (Tangible)

3,00,000

4,00,000

1,00,000

33.33

2. Current Assets

a. Trade Receivables

3,00,000

2,00,000

(1,00,000)

(33.33)

Total

6,00,000

6,00,000

–

–