Question

1. Following is the Profit & Loss Account of Mr. Devendra Patil for the year ended 31st
March, 2011
To,
Salaries
Office Rent
Loss by theft
Discount
Charity (personal)
Reserve for Bad Debts
Gifts and Presents (personal)
Life Insurance Premium
Interest on business loan
Interest on Capital
Repairs to House Property
Depreciation (Machinery)
Depreciation (House Property)
Income Tax
Wealth Tax
Office Expenses
Net Profit
16000
13000
2500
1500
800
1200
200
3000
14000
5000
3200
3000
2000
3800
1400
10000
112400
By,
Gross Profit
Rent form House Property
178000
15000
Total 193000 Total 193000
Other Informations:
1. Salaries include Rs. 3000 in respect of proprietor salary.
2. Loss by theft is loss of stock from business premises.
3. Actual bad debts are Rs. 400.
4. Depreciation allowed as per Income Tax Act is Rs. 2500
Compute the income taxable under the head Profit and Gains of Business or
Profession of Mr. Patil for the previous year 2010-2011.

Answer 1

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