ACCOUNTING RATIOS

Chanchal Phore
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Contents
Meaning of accounting ratio ............................................................................................................................................. 4
Objectives of Ratio Analysis .............................................................................................................................................. 4
Advantages and disadvantages ......................................................................................................................................... 4
Classification of Ratios ...................................................................................................................................................... 5
Liquidity ratios............................................................................................................................................................... 6
Current ratio.............................................................................................................................................................. 6
Quick/Acid Test/ Liquid Ratio.................................................................................................................................... 7
Solvency ratios .............................................................................................................................................................. 8
Debt Equity Ratio ...................................................................................................................................................... 9
Total Assets to Debt Ratio ....................................................................................................................................... 10
Proprietary Ratio ..................................................................................................................................................... 12
Interest Coverage Ratio (or Debt service Ratio) ..................................................................................................... 13
Equity ratio .............................................................................................................................................................. 14
Profitability ratios ....................................................................................................................................................... 14
Gross Profit Ratio .................................................................................................................................................... 14
Net Profit Ratio ....................................................................................................................................................... 16
Operating Profit Ratio ............................................................................................................................................. 18
Operating Ratio ....................................................................................................................................................... 19
Return on Investment ............................................................................................................................................. 21
DuPont Formula .......................................................................................................................................................... 21
Activity/ turnover/efficiency ratios............................................................................................................................. 22
Inventory Turnover Ratios ...................................................................................................................................... 23
Asset turnover ratio ................................................................................................................................................ 24
Trade Payables Turnover Ratio ............................................................................................................................... 26
Working Capital Turnover Ratio .............................................................................................................................. 28
Meaning of accounting ratio
Relationship between two terms expressed in arithmetical terms is called as ‘ratio’.

Accounting ratios refer to the ratios which gives significant relationship between two
accounting terms. It helps in analyzing the financial statements and for comparison and
decision making.

Objectives of Ratio Analysis

- Locate weak spots in the business.
- Provide deeper analysis of the liquidity, solvency, activity and profitability of the
business.
- Provide information useful for making estimates and preparing the plans for the
future.
- Provide information for making cross-sectional analysis (for making comparison with
that of some selected firms in the same industry)
- Provide information for making time-series analysis (for making comparison of a
firm’s present ratios with its past ratios)

Advantages and disadvantages

Advantages
- Analysis of financial statements
- Simplification of Accounting Data
- Helpful in Comparative Study
- Helpful in Forecasting
- Estimate trends
- Effective Control
Limitations
- Less effective due to price level
changes
- Limited use of a single ratio
- Window dressing
- Lack of proper standards
- Ignores Qualitative Factors
- Misleading in the Absence of
Absolute Data
Classification of Ratios

•Current Ratio
•Quick Ratio
Liquidity
Ratios

•Debt equity ratio

•Total Assets to Debt Ratio
•Proprietary Ratio
Solvency •Interest Coverage Ratio
Ratios

•Inventory Turnover Ratio

•Asset turnover ratio
•Debtors/Receivables Turnover Ratio
Activity •Creditors/Payables Turnover Ratio
Ratios •Working Capital Turnover Ratio

•Gross Profit ratio

•Operating Ratio
•Operating Profit Ratio
Profitabilty •Net Profit Ratio
Ratios •Return on Investment
Liquidity ratios
Liquidity ratios are calculated to measure the short-term solvency of the business, i.e. the
firm’s ability to meet its current obligations. These are analysed by looking at the amounts
of current assets and current liabilities in the balance sheet.

Types of liquidity ratios-

Current ratio
 Current ratio is a relationship of current assets to current liabilities and is computed
to assess the short term financial position of the enterprise.
 Ideal current ratio: 2:1

Current Ratio= current assets/ current liabilities

Current assets include current investments, inventories, trade receivables (debtors and bills
receivables), cash and cash equivalents, short-term loans and advances and other current
assets such as prepaid expenses, advance tax and accrued income, etc.

Current liabilities include short-term borrowings, trade payables (creditors and bills
payables), other current liabilities and short-term provisions.

*** Items excluded from current assets:

 Loose tools, Stores and Spares

 Provision for doubtful debts is deducted from sundry trade receivables and the
amount so arrived at is taken as current asset.

Significance:

Current assets of a business must at least, be twice of its current liabilities so that even if
half the amount is realized from the current assets on time, the firm can still meet its
current liabilities in full.
Quick/Acid Test/ Liquid Ratio
Liquid assets are the assets which are either in the form of cash and cash equivalents or can
be converted into cash within a very short period.

Quick Ratio = Quick assets / Current Liabilities

Quick assets = Current assets – Inventories – Prepaid Expenses and Advance

Taxes

OR

Quick assets = Current investments + Trade Receivables (Excluding provision

for doubtful debts) + cash and cash equivalents + short term loans and
advances

*Inventory is excluded as it has to be sold before being converted into cash.

**Prepaid expenses are excluded as they are not expected to be converted into cash.

Ideal Quick Ratio: 1:1

Significance:

For every rupee of current liabilities, there should at least be one rupee of liquid assets. It is
a better test of short term financial position of a company than the current ratio as it
considers only those assets which can be easily and readily converted into cash.

Example:

From the following information, calculate Current ratio, Liquid ratio and Super quick ratio.

Items Amount Items Amount

Marketable securities 40,000 Cash & Cash equivalents 10,000
Inventories 5,000 Advance tax 8,000
Prepaid expenses 2,000 Short term loans & 4,000
Advances
Short term Borrowings 20,000 Goodwill 1,00,000
Trade Payables 2,000 Short term Provisions 3,000
Trade Receivables 2,000 Other current liabilities 5,000

Current Liabilities = Short term Borrowings + Trade Payables + Short term Provisions +
Other current liabilities

= 30,000

Current Assets = Marketable securities + Inventories + Prepaid expenses + Trade

Receivables + Cash & Cash equivalents + Advance tax + Short term loans & Advances =
71000

(a) Current ratio = Current Assets/ Current Liabilities = 71000/30000

=2.37:1 (Greater than 2:1)
(b) Quick ratio = Quick Assets / Current Liabilities = 56000/30000

= 1.87:1 (Greater than 1:1)

Quick assets = Current assets – Inventories – Prepaid expenses – Advance Tax

Solvency ratios
Solvency ratios are those ratios which show the ability of the enterprise to meet its long
term liabilities.

Many people confuse solvency ratios with liquidity ratios. Although they both measure the
ability of a company to pay off its obligations, solvency ratios focus more on the long-term
sustainability of company instead of the current liability payments.
Debt Equity Ratio
This ratio expresses the relationship between long term debts and shareholder’s funds. This
ratio indicates the proportion of funds which are acquired by long term borrowings in
comparison to shareholder’s funds.
Debt equity ratio is computed to assess long term financial soundness of the enterprise.

Debt Equity Ratio = Debt/Equity

Or
Debt Equity Ratio = Long term Debts/Shareholders funds or Net worth

Long term debt includes long term borrowings and long term provisions.
Shareholder’s funds = Share Capital + Reserves and Surplus

= Equity Share capital+ Preference Share capital + Capital Reserve + Securities Premium +
General Reserve + Balance in Statement of Profit & Loss
OR
Shareholder’s funds = Non-current assets + Working Capital- Non-current Liabilities

Working Capital = Current Assets – Current Liabilities

Ideal Ratio: 2:1

Significance:

This ratio is calculated to ascertain the soundness of the long term financial policies of the
firm. It also indicates the extent to which the enterprise depends on external funds for its
business.

Example:

Calculate Debt Equity Ratio from the following:

Items Amount
Land & Building 15,00,000
Plant & Machinery 6,00,000
Intangible Assets 1,00,000
Inventory 5,50,000
Trade Receivables 1,70,000
Trade Payables 1,20,000
Long Term Borrowings 12,00,000

Debt Equity Ratio = Debt/Equity = Long term Debts/Shareholder’s funds

Long term Debts = Long Term Borrowings = 12,00,000

Shareholder’s funds = Non-current assets + Working Capital- Non-current Liabilities

Non-Current Assets = Land & Building + Plant & Machinery + Intangible Assets
= 22,00,000

Working Capital = Current Assets – Current Liabilities

= 6,00,000

Shareholder’s funds = 22,00,0000 + 6,00,000 – 12,00,000

= 16,00,000

Debt Equity Ratio = 12,00,000/16,00,000 = 0.75:1

It implies a more financially stable business as it is less than 2:1.

Total Assets to Debt Ratio

It measures the relationship between total assets and long-term debts. It measures the
extent to which long term debts are covered by assets which indicates the margin of safety.
 Total Assets to Debt Ratio = Total Assets/Long Term Debt

Total Assets = Non-Current Assets (Tangible Assets + Intangible Assets +

Non-Current Investments + Long Term Loans &
Advances) + Current Assets

Debt = Long Term Borrowings + Long Term Provisions

Example:

Calculate Total Assets to Debt Ratio from the following:

Items Amount
Land & Building 15,00,000
Plant & Machinery 6,00,000
Intangible Assets 1,00,000
Inventory 5,50,000
Trade Receivables 1,70,000
Trade Payables 1,20,000
Long Term Borrowings 12,00,000

Total Assets = Land & Building + Plant & Machinery + Intangible Assets +
Inventory + Trade Receivables = 29,20,000

Long Term Debt = 12,00,000

Total Assets to Debt Ratio = Total Assets/Long Term Debt

= 29,20,000/12,00,000

= 2.43:1
Proprietary Ratio
This ratio indicates the proportion of total assets funded by owners or shareholders.

Proprietary Ratio = Shareholder’s Funds/ Total Assets

Example:

Calculate Proprietary Ratio from the following:

Items Amount
Total debt 30,00,000
Shareholder’s funds 12,00,000
Reserves and Surplus 8,00,000
Current Assets 15,00,000
Working Capital 9,00,000

Proprietary Ratio = Equity/ Total Assets

Current Liabilities = Current Assets – Working Capital

= 6,00,000

Long term Debts = Total Debt – Current Liabilities

= 24,00,000

Total assets = Total debt + Shareholder’s funds

= 42,00,000

Proprietary Ratio = Shareholder’s funds/ Total assets

= 12,00,000/42,00,000 = 0.285:1
*Reserves and surplus are already included in Shareholder’s funds.

Interest Coverage Ratio (or Debt service Ratio)

This ratio is calculated by dividing the profit before charging interest and income tax (PBIT)
by fixed interest charges.

Interest Coverage Ratio = (Profit before charging Interest and Income Tax)/
Fixed Interest Charges

Fixed Interest Charges include interest on fixed (long-term) loans or debentures.

Significance
This ratio indicates how many times the interest charges are covered by the profits
available to pay interest charges.

Example:

From the following information, Calculate Interest Coverage Ratio:

Net Profit after Tax Rs.1,20,000

12% Long term Debt Rs.20,00,000

Tax Rate 40%

Net profit before tax = 120,000 × 100/60 = 2,00,000

Interest @12% on long term debt = 2,40,000

Profit before interest and tax = Rs.4,40,000

Interest Coverage Ratio = 4,40,000/2,40,000 = 1.833 times

Equity ratio
The shareholder equity ratio indicates how much of a company's assets have been
generated by issuing equity shares rather than by taking on debt.

Equity Ratio = Total Equity/ Total Assets

Profitability ratios

Profitability ratios compare income statement accounts to show a company's ability to

generate profits from its operations. Profitability ratios focus on a company's return on
investment in inventory and other assets. These ratios basically show how well companies
can achieve profits from their operations.
Investors and creditors can use profitability ratios to judge a company's return on
investment based on its relative level of resources and assets. In other words, profitability
ratios can be used to judge whether companies are making enough operational profit from
their assets.

Gross Profit Ratio

Gross margin compares the gross margin of a business to the net sales. This ratio measures
how profitably a company sells its inventory.
In other words, the gross profit ratio is essentially the percentage markup on merchandise
from its cost.
 Gross Profit ratio = Gross Profit/ Net sales

Cost of goods sold = Opening stock + Purchases + Direct expenses – Closing

stock

Net sales = Gross sales minus any Returns or Refunds.

Gross Profit = Net sales - Cost of goods sold

Direct expenses are the expenses incurred directly in the production process of a product.

Indirect expenses are expenses incurred on administrative and office work of the company.

For example, labour expense is a direct expense but salary of accountant is indirect as
labour is used for production process whereas accountant is used to prepare financial
accounts for the company, which is not something it sells to the customer.

** Spare parts and Loose Tools are excluded from inventory.

Significance

Gross Profit Ratio should be adequate enough not only to cover operating expenses but
also to provide for depreciation, interest on loans, dividends and creation of reserves.
Example

Calculate the Gross Profit Ratio from the following information:

Revenue from operations Rs.4,00,000
Gross Profit 25% on cost

If Gross Profit is 25% on cost, then goods costing 100 have been sold for 125.

Gross Profit = (Revenue from operations × 25)/125

= 80,000

Gross Profit Ratio = (Gross Profit/Revenue from Operations) × 100

= 20%

Net Profit Ratio

It measures the amount of net income earned with each rupee of sales generated by
comparing the net income and net sales of a company. In other words, the net profit ratio
shows what percentage of sales are left over after all expenses are paid by the business.

Net Profit Ratio = (Net Profit / Net sales)* 100

Net profit = Gross profit - Indirect Expenses & Losses +

Indirect income

Indirect expenses & losses = Office exp. + Selling exp. + Interest on Long
term Borrowings + Accidental Losses

Significance
This ratio measures the rate of net profit earned on Revenue from Operations. It helps in
determining the overall efficiency of the business operations. An increase in the ratio over
the previous year shows improvement in the overall efficiency and profitability of the
business.

Example

From the following information, calculate Net Profit Ratio:

Items Amount (Rs.)

Opening Inventory 3,00,000
Closing Inventory 4,20,000
Purchases 14,00,000
Wages 3,70,000
Carriage Inwards 1,50,000
Administrative Exp. 84,000
Selling Exp. 36,000
Income Tax 1,00,000
Profit on sale of Fixed Assets 20,000
Revenue from Operations 24,00,000

Cost of Revenue from Operations = Opening Inventory + Purchases + Wages + Carriage

Inwards – Closing Inventory
= 18,00,000

Gross Profit = Revenue from Operations - Cost of Revenue from Operations

= 6,00,000

Net Profit = Gross Profit - Administrative Expenses - Selling Expenses –

Income Tax + Profit on sale of Fixed Assets
= 4,00,000

Net Profit Ratio = (Net Profit after Tax/ Net sales)* 100
 = (4,00,000 /24,00,000) *100

= 16.67%

Operating Profit Ratio

This ratio shows the relationship between operating profit and net Revenue from
Operations

Operating Profit Ratio = (Operating Profit /Revenue from

Operations) * 100

Operating profit = Gross profit - Other Operating Expenses

or
Net profit (before tax) + Non-operating expenses/
losses - Non-Operating Incomes

Other operating expenses = Employee Benefit Expenses + Depreciation and

Amortization Expenses + Other expenses (i.e. Office
and Administration Expenses + Selling and
Distribution Expenses + Discount + Bad debts +
Interest on short term loans)
Relation

Operating Ratio and Operating Profit Ratio are inter-related. Total of both these ratios will
be 100. A rise in ‘Operating Ratio’ will lead to a similar amount of decline in ‘Operating
Profit Ratio’ and vice versa. For example, if Operating Ratio is 60%, it means that the
Operating Profit Ratio is 40%.

Operating Ratio

Operating ratio establishes relationship between operating costs and net sales.
Operating cost includes “direct cost of goods sold, administrative, selling and distribution
expenses, interest on working capital loans, discounts, bad debts”.
It excludes incomes and expenses, which have no relation with production or sales.
For example “interest and dividend received on investment, interest on loans and
debentures, profit or loss on sale of fixed assets”.

Operating Ratio = (Cost of Goods Sold + Operating Expenses) * 100 / Net

Sales

** Depreciation and Amortization Expenses are included in Operating Expenses.

Operating income includes Trading Commission received and Cash discount received.

Significance

It is the measurement of the efficiency and profitability of the business enterprise.

Lower the operating ratio, the better it is, as it will leave higher margin of profit on Revenue
from Operations.

Example
Calculate Operating Profit Ratio and Operating Ratio from the following information:

Items Amount
Cash revenue from operations 1,00,000
Net purchases 2,97,000
Credit Revenue from Operations 3,00,000
Carriage Inward 3,000
Administrative Expenses 40,000
Profit on Sale of Fixed Assets 10,000

Revenue from Operations = Cash revenue + Credit revenue

= 4,00,000

Cost of Revenue from Operations = Net Purchases + Carriage Inwards

= 3,00,000

Gross Profit = Revenue from Operations - Cost of Revenue from

Operations

= 1,00,000

Operating Expenses = Administrative Expenses

= 40,000

Operating Profit = Gross Profit - Operating Expenses

= 60,000

Operating Profit Ratio = (Operating Profit/ Revenue from Operations)*100

= 15%

Operating Ratio = (Cost of Goods Sold + Operating Expenses) * 100 / Net

Sales
 = (3,40,000/4,00,000) *100

= 85%

Return on Investment
This ratio shows the overall profitability of the business. It is calculated by comparing the
profit earned and the capital employed to earn it.

It is also known as ‘Rate of Return’ or ‘Return on Capital Employed’ or ‘Yield on Capital’.

Return on Investment = (Net Profit before Interest, Tax and

Dividends)/Capital Employed * 100

Liabilities side approach

Capital Employed = Shareholder’s Funds + Non-Current Liabilities – Fictitious Assets

Assets side approach

Capital Employed = Non-current assets + Working capital

DuPont Formula
Return on Equity = Net Profit Margin × Assets Turnover × Equity Multiplier

= Net Profit/ Sales × Sales/Assets × Assets/Equity

Example

From the following details calculate the return on investment

Share Capital : Equity (Rs.10) Rs. 4,00,000

12% Preference Rs. 1,00,000

General Reserve Rs. 1,84,000

10% Debentures Rs. 4,00,000

Current Liabilities Rs. 1,00,000

Fixed Assets Rs. 9,50,000

Current Assets Rs. 2,34,000

The net profit after tax was Rs. 1,50,000, and the tax had amounted to Rs. 50,000

Profit before interest and tax = Rs. 1,50,000 + Debenture interest + Tax

= Rs. 1,50,000 + Rs. 40,000 + Rs. 50,000 = Rs.2,40,000

Capital Employed = Equity Share Capital + Preference Share Capital + Reserves +

Debentures

= Rs. 4,00,000 + Rs. 1,00,000 + Rs. 1,84,000 + Rs. 4,00,000 = Rs. 10,84,000

Return on Investment = Profit before Interest and Tax/ Capital Employed × 100 = Rs.
2,40,000/Rs. 10,84,000 × 100 = 22.14%

Activity/ turnover/efficiency ratios

They measure how well companies utilize their assets to generate income. Efficiency ratios
often look at the time it takes companies to collect cash from customer or the time it takes
companies to convert inventory into cash—in other words, make sales. These ratios are
used by management to help improve the company as well as outside investors and
creditors looking at the operations of profitability of the company.
These ratios are known as turnover ratios as they indicate the rapidity with which the
resources available to the concern are being used to produce revenue from operations.

Inventory Turnover Ratios

It shows how effectively inventory is managed by comparing cost of goods sold with
average inventory for a period.

Inventory turnover ratio = Cost of goods sold/ average inventory

COGS = Opening stock + Purchases + Direct Expenses –

Closing Stock

Average stock = (Opening stock + Closing stock)/ 2

Significance
This measures how many times average inventory is "turned" or sold during a period.
Low turnover of inventory may be due to bad buying, obsolete inventory, etc., and is a
danger signal. High turnover is good but it must be carefully interpreted as it may be due to
buying in small lots or selling quickly at low margin to realise cash.

Example

From the following information, Calculate Inventory Turnover Ratio:

Cost of Revenue from Operations 5,40,000

Purchases 5,50,000

Direct Expenses 30,000

Opening Inventory 70,000

Cost of Revenue from Operations = Opening Inventory + Purchases + Direct Expenses –

Closing Inventory
Closing inventory = 1,10,000

Average inventory = (Opening Inventory + Closing Inventory)/2

= 90,000

Inventory turnover ratio = cost of goods sold/ average inventory

= 5,40,000/90,000
= 6 times

Note: Cost of goods sold is also known as cost of revenue from operations.

Asset turnover ratio

The asset turnover ratio measures the efficiency of a company's assets to generate revenue
or sales.

Asset turnover ratio = Net sales / Average total assets

Average total assets = Assets in the beginning + Assets in the end / 2

Trade Receivables Turnover Ratio

It measures how many times a business can turn its accounts receivable into cash during a
period.
In other words, the accounts receivable turnover ratio measures how many times a
business can collect its average accounts receivable during the year.
This ratio shows how efficient a company is at collecting its credit sales from customers.
Higher ratios mean that companies are collecting their receivables more frequently
throughout the year.
 Trade receivable turnover ratio = Net credit sales/ average Trade
receivable
Net credit sales = credit sales – sales return
Average debtors = (opening debtors + opening bills
receivable + closing debtors + closing
bills receivable)/ 2

** Doubtful debtors are not to be deducted from debtors since the purpose is to find out
days for which sales are tied up in debtors.

Average collection period is calculated after calculating debtors turnover ratio.

The formula is:

Debt collection period (number of months) = 12/ debtors turnover ratio

Debt collection period (number of days) = 365/ debtors turnover ratio

Example

From the following information, Calculate:

(i) Trade receivable turnover ratio

(ii) Average Collection Period

Total revenue operations for the year 2,00,000

Cash revenue operations for the year 40,000

Trade Receivables at the beginning 20,000

Trade Receivables at the end of the year 60,000

Credit revenue from operations = Total revenue operations for the year - Cash
revenue operations for the year

= 1,60,000

Average Trade Receivables = (Trade Receivables at the beginning +Trade Receivables at

the end of the year)/2

= 40,000

Trade receivable turnover ratio = 160,000/40,000 = 4 times

Average Collection Period = 12/ Trade receivable turnover ratio

= 12/4 = 3 months

Trade Payables Turnover Ratio

Enterprises from whom goods have been purchased are known as creditors or trade
payables. Creditors and bills payable are together called as total payables. The ratio shows
relationship between net credit purchases and average payables.

Creditor’s Turnover Ratio = Net Credit Purchases/ Average Payables

Average Payables = (Opening creditors + Opening bills payable

+ Closing creditors and Closing bills payable)/
2

Significance:
It indicates the speed with which the amount is being paid to trade payables.

The higher the ratio – The better it is – Trade Payables are being paid more quickly –
Increases credit worthiness of the firm.

Average Payment Period indicates the period which is normally taken by the firm to make
payments to its trade payables.

Average Payment Period (in days) = 365/ Creditor’s Turnover Ratio

Average Payment Period (in months) = 12/ Creditor’s Turnover Ratio

Example:

From the following information, Calculate:

(i) Trade Payables turnover ratio

(ii) Average Payment Period

Revenue from operations 5,25,00,000

Bills Payable 5,00,000

Bills Receivable 6,00,000

Total Purchases 3,15,00,000

Creditors 20,00,000

Debtors 54,00,000

Trade Payables turnover ratio = Net Credit Purchases/ Average Payables

= 3,15,00,000 / 25,00,000
= 12.6 times
Average Payment Period = 365/ Trade Payables turnover ratio

= 29 days (approx.)

Note: Since credit purchases are not mentioned, amount of total purchases has been taken.

Also average trade payables are not mentioned in the question, the ratio has been
calculated on the basis of total figures.

Working Capital Turnover Ratio

It establishes relationship between working capital and sales.
It shows the number of times a unit of rupee invested in working capital produces sales.

Working Capital Turnover Ratio = Net Sales/ Working Capital

Net Working capital = Current Assets – Current Liabilities

Example

Calculate Working Capital Turnover Ratio from the following:

Items Amount
Revenue from Operations 18,00,000
Inventory 3,60,000
Trade Receivables 1,70,000
Marketable securities 50,000
Cash and Bank 20,000
Trade Payables 1,40,000
Provision for Tax 10,000

Current Assets = Inventory + Trade Receivables + Marketable securities +

Cash and Bank

= 6,00,000

Current Liabilities = Trade Payables + Provision for Tax

= 150,000

Working Capital = Current Assets – Current Liabilities

= 4,50,000

Working Capital Turnover Ratio = Revenue from Operations/ Working Capital

= 18,00,0000/ 4,50,000
= 4 times
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