Standard unit costs are given for the production of a spray attachment manufactured by Carson Products Company Ltd:

At normal operating capacity, 2,00,000 units of product should be manufactured. Variable selling and administrative expenses amount to ₹5 per unit, and the fixed selling and administrative expenses amount to ₹7,50,000 a year. Income taxes are estimated at 40 per cent of net income before taxes.
Production and sales data are as follows:

In both years, each spray attachment was sold for ₹105. Prepare income statements for the two years by the absorption costing method. Also, prepare income statement for the two years by the variable costing method.

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Direct materials Direct labour Variable manufacturing overheads Fixed manufacturing overheads 16 15 12 30