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To prepare a comparative income statement for Vinayaka Travels Ltd. for the years ending on 31st March 1998 and 1999, we will present the financial data for both years side by side, allowing for easy comparison. The key items to include are Purchases less returns, Other direct expenses, Sales, Office expenses, Selling expenses, Finance expenses, and Profit.
Here’s the detailed comparative income statement:
### Comparative Income Statement of Vinayaka Travels Ltd. for the years ending 31st March 1998 and 1999
| Particulars | 1998 (Rs.) | 1999 (Rs.) |
|---------------------------------|----------------|----------------|
| Sales | 1,80,000 | 2,60,000 |
| Less: Expenses | |
| Purchases less returns | 80,000 | 1,50,000 |
| Other direct expenses | 20,000 | 50,000 |
| Office expenses | 20,000 | 25,000 |
| Selling expenses | 10,000 | 15,000 |
| Finance expenses | 10,000 | 8,000 |
| Total Expenses | 1,40,000 | 2,48,000 |
| Profit | 40,000 | 12,000 |
### Explanation:
1. Sales:
- Sales for the year ending 31st March 1998: Rs. 1,80,000
- Sales for the year ending 31st March 1999: Rs. 2,60,000
2. Purchases less returns:
- Purchases less returns for the year ending 31st March 1998: Rs. 80,000
- Purchases less returns for the year ending 31st March 1999: Rs. 1,50,000
3. Other direct expenses:
- Other direct expenses for the year ending 31st March 1998: Rs. 20,000
- Other direct expenses for the year ending 31st March 1999: Rs. 50,000
4. Office expenses:
- Office expenses for the year ending 31st March 1998: Rs. 20,000
- Office expenses for the year ending 31st March 1999: Rs. 25,000
5. Selling expenses:
- Selling expenses for the year ending 31st March 1998: Rs. 10,000
- Selling expenses for the year ending 31st March 1999: Rs. 15,000
6. Finance expenses:
- Finance expenses for the year ending 31st March 1998: Rs. 10,000
- Finance expenses for the year ending 31st March 1999: Rs. 8,000
7. Profit:
- Profit for the year ending 31st March 1998: Rs. 40,000
- Profit for the year ending 31st March 1999: Rs. 12,000
This comparative income statement clearly provides a detailed view of the financial performance of Vinayaka Travels Ltd. over the two years, highlighting increases or decreases in various expense and income categories.
Here’s the detailed comparative income statement:
### Comparative Income Statement of Vinayaka Travels Ltd. for the years ending 31st March 1998 and 1999
| Particulars | 1998 (Rs.) | 1999 (Rs.) |
|---------------------------------|----------------|----------------|
| Sales | 1,80,000 | 2,60,000 |
| Less: Expenses | |
| Purchases less returns | 80,000 | 1,50,000 |
| Other direct expenses | 20,000 | 50,000 |
| Office expenses | 20,000 | 25,000 |
| Selling expenses | 10,000 | 15,000 |
| Finance expenses | 10,000 | 8,000 |
| Total Expenses | 1,40,000 | 2,48,000 |
| Profit | 40,000 | 12,000 |
### Explanation:
1. Sales:
- Sales for the year ending 31st March 1998: Rs. 1,80,000
- Sales for the year ending 31st March 1999: Rs. 2,60,000
2. Purchases less returns:
- Purchases less returns for the year ending 31st March 1998: Rs. 80,000
- Purchases less returns for the year ending 31st March 1999: Rs. 1,50,000
3. Other direct expenses:
- Other direct expenses for the year ending 31st March 1998: Rs. 20,000
- Other direct expenses for the year ending 31st March 1999: Rs. 50,000
4. Office expenses:
- Office expenses for the year ending 31st March 1998: Rs. 20,000
- Office expenses for the year ending 31st March 1999: Rs. 25,000
5. Selling expenses:
- Selling expenses for the year ending 31st March 1998: Rs. 10,000
- Selling expenses for the year ending 31st March 1999: Rs. 15,000
6. Finance expenses:
- Finance expenses for the year ending 31st March 1998: Rs. 10,000
- Finance expenses for the year ending 31st March 1999: Rs. 8,000
7. Profit:
- Profit for the year ending 31st March 1998: Rs. 40,000
- Profit for the year ending 31st March 1999: Rs. 12,000
This comparative income statement clearly provides a detailed view of the financial performance of Vinayaka Travels Ltd. over the two years, highlighting increases or decreases in various expense and income categories.
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