The ABC Company's Statement of Profit and Loss account and Statement of Financial Position for two years have been given below: Statement of Profit…
2023 · Solved Question with Answer
The ABC Company's Statement of Profit and Loss account and Statement of Financial Position for two years have been given below:
Statement of Profit and Loss for the year 2022
| Particulars | Amount (Rs.) |
|---|---|
| Revenue from operation | 900,000 |
| Less: Cost of sales | (500,000) |
| Gross margin | 400,000 |
| Add Other income | 50,000 |
| Total | 450,000 |
| Less: Distribution expenses | (105,000) |
| Less: Administrative expenses | (235,000) |
| Operating Profit | 110,000 |
| Less: Finance cost | 10,000 |
| Net profit | 100,000 |
Statement of Financial Position of a company for 2021 and 2022
| Assets | 2021 | 2022 |
|---|---|---|
| Non-Current Assets: | ||
| Property, plant and equipment | 400,000 | 500,000 |
| Intangible assets | 40,000 | 30,000 |
| Investments (long term) | 60,000 | 90,000 |
| Total Non-Current Assets | 500,000 | 620,000 |
| Current Assets: | ||
| Inventories/Stock | 40,000 | 50,000 |
| Cash and cash equivalents | 40,000 | 30,000 |