“Inter-firm comparison is carried out with the help of ratios although they are not exclusive and…

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1. Write short notes on:

(a) Liquidity test ratio

(b) Acid test ratio

(c) Profitability test ratios

(d) Turnover ratios.

2. “Inter-firm comparison is carried out with the help of ratios although they are not exclusive and conclusive indicators of performance”. Examine.

3. Prepare a proforma income statement for the month of April, May and June for Eastern Ltd. from the following information’s:

(i) Sales are projected at Rs.4,50,000, Rs.4,80,000 and Rs.4,30,000 for April, May and June respectively.

(ii) Cost of goods sold is Rs.1,00,000 plus 30% of selling price per month.

(iii) Selling expenses are 4% of sales.

(iv) Rent Rs.15,000 per month.

(v) Administrative expenses for April are expected to be Rs.1,20,000 but are expected to rise 2% per month over the previous month’s expenses.

(vi) The company has Rs.5,00,000 of 12% loan, interest payable monthly.

(vii) Corporate tax expected is 40%.

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