Q1. From the following information, prepare a comparative income statement that ended on 31" March 2008 and 31 March 2009 and interpret its financial statement: Particulars To Opening stock To Purchases To Carriage Inward To Gross Profit c/d red. To Salaries of Staff To Salary of Manager To Insurance To Advertisement Expenses To General Expenses To Interest To Tax Payable To Net Profit c/d 31 st March, 2008 1,50,000 7,70,000 20,000 2,85,000 12,25,000 20,000 5,000 4,000 50,000 75,000 5,000 600 1,40,400 3,00,000 31st March, 2009 3,00,000 9,80,000 25,000 5,75,000 18,80,000 45,000 15,000 3,500 95,000 85,000 6,000 700 3,39,800 5,90,000 Particulars By Sales Less: Sales Returns By Closing stock By Gross Profit b/d By Other Incomes 31 st March,2008 10,00,000 (50,000) 9,50,000 2,75,000 12,25,000 2,85,000 15,000 3,00,000 31st March, 2009 15,00.000 (20,000) 14,80,000 4,00,000 18,80,000 5,75,000 15,000 5,90,000