Question - 03

From the following income statement of Madhu Ltd. Prepare comparative income statement for the year ended March 31st, 2005 and 2006.

2005

Gross sales Rs. 4,00,000, Purchase Rs. 21,00,000, Opening stock Rs. 20,600, closing stock Rs. 32,675, Salaries Rs. 16,010, Rent Rs. 5,100, Postage & stationery Rs. 3,200, Advertisement Rs. 2,600, Commission on sales Rs. 3,160, Depreciation Rs. 200, Loss on sale of Assets Rs. 4,000, Profit on sale of investment Rs. 3,000.

2006

Gross sales Rs. 6,00,000, Purchase Rs. 2,50,000, Opening stock Rs. 32,675, closing stock Rs. 20,000, Salaries Rs. 18,000, Rent Rs. 6,000, Postage & stationery Rs. 4,100, Advertisement Rs. 4,600, Commission on sales Rs. 3,500, Depreciation Rs. 500, Loss on sale of Assets Rs. 2,000, Profit on sale of investment Rs. 4,500.

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