3. CHAPTER 3 : Assignment # 2 with Answers

Dear Students, 

Accountancy, is not a theory subject to just read or learn...after acquiring the knowledge of the concepts and understanding its relevance...it doesn't end here..rather it starts from here..
the skill to apply your knowledge of your concepts with clarity is, 'what needs to be tested'.

Hope you are trying and making an effort to solve the questions or problems relating to the current topic.
There are 2 Tasks given to you for the day.

Task 1:
* Comparative statement are also known as:
A. Dynamic analysis B. Horizontal analysis
C. Vertical analysis D. External analysis
(choose the correct alternative)

State the answer to the above task in the comment box as a mark of your attendance.

Task 2:

Do the given Assignment # 2

ASSIGNMENT 2

Ques. 1.

Prepare Comparative statement of profit & loss

                                                                          2018-19     2019-20
Revenue from operations                                1000000     1600000
Cost of materials consumed                              500000     1000000
Employee benefit expenses                                 80000        40000
Other expenses                                                  60,000        80,000

Income Tax rate                                                    40%           40%

             Ques. 2  

   

Prepare Comparative statement of profit & loss

    

                                                             2018 -19                          2019 - 20
Revenue from operations                200% of cost of               300% of cost of

                                                 materials consumed      material consumed                                                                                                                                                                                                                                                                                        
Cost of materials consumed                200000                             240000

Other expenses                          10%of cost of                         20% of cost of 
                                               material consumed               material consumed

Tax rate                                                 50%                                    50%

Ques. 3

Prepare Comparative statement of profit & loss

                                                                2018 – 19                          2019 - 20
Revenue from operations                         2500000                            4000000
Expenses:
a) Employee benefit expenses  

      were 5% OF RFO

 b) Other expenses                                    590000                              680000 

Rate of Tax      35%

Check the Answers to the Assignment # 2 and make corrections, thereby..

1.                                   Comparative Income Statement

                               for the year ending 31st March 2019 and 20
Particulars                       Note     31-3-2019   31-3-2020          Absolute       Percentage

                                         no.                                                     change            change
I. Revenue from operations           1000000       1600000          600000             60%
II. less expenses
cost of materials consumed           500000        1000000          500000            100%

 employee benefit expenses             80000            40000          ( 40000)           (50%)
other indirect expenses                    60000            80000            20000            33.33%
Total expenses                                640000        1120000           480000             75%
III. Profit before tax (I-II)              360000          480000           120000           33.33%
IV. less tax @ 40%                        144000          192000             48000           33.33%
V. Profit after tax (III-IV)              216000          288000             72000           33.33%

2.
                              Comparative Statement of Profit and Loss

                              for the year ended 31st March 2019 and 20
Particulars                      Note no.     2018-19         2019-20        Absolute      Percentage

                                                                                                      change         change

I. Revenue from operations               400000          720000         320000            80%
II. less expenses                                 
a. cost of materials consumed           200000         240000          40000             20%
b. other expenses                                20000            48000          28000             140%  
Total expenses                                   220000         288000          68000             30.91%
III. Profit before tax                          180000         432000         252000             140%
IV. less tax @ 50%                             90000         216000         126000             140%
V. Profit after tax                                90000         216000         126000             140%


3.  

                                     Comparative Statement of Profit and Loss

                                  for the year ended 31st march 2019 and 2020
Particulars                       note           2018-19      2019-20       Absolute        Percentage              

                                         no.                                                     change            change

 I. Revenue from operations             2500000       4000000      1500000              60%
II. less expenses
a. employee benefit expenses           125000          200000          75000              60%
b. other expenses                              590000          680000          90000             15.25%
Total expenses                                  715000           880000        165000            23.08%
III. Profit before tax (I-II)              1785000         3120000       1335000           74.79%
IV. less tax @ 35%                          624750         1092000         467250            74.79%
V. Profit after tax (III-IV)              1160250         2028000         867750            74.79%