Math, asked by kotharihemlata07, 4 months ago

17. Shri Somnath is a leading lawyer of Mumbai. He deposits in the Bank all the receipts and
always pays all the expenses by cheque. The analysis of his Bank Account for the year ended
31.3.2020 is as under:
1,000
0-21
pose
pen
_000
_000
2000
Balance bld
58,340 Salaries
14,000
Professional fees
3,90,000 Rent of Chamber
9,500
Dividend
7,160 Telephone Expenses
1,000
House Rent
22,500 Magazine Subscription
3,000
Income from Horse Race
Motor-car Expenses
28,000
(Gross * 15,000)
10,000 Misc. Office Expenses
5,500
Share of Income from Hindu
Purchase of Motor-car
2,00,000
Undivided Family
7,110 Advance Payment of Income tax 40,000
Donation to Mumbai University 10,000
Personal Expenses
1,45,500
House Property Exps. :
Taxes
5,000
Repairs
1,500
Insurance
1,500
Collection Charges 2,000 10,000
Balance ca
28,610
4,95,110
4,95,110
Compute his gross total income after taking into account the following information:
(a) 14th of the motor-car expenses relate to personal use.
(b) Rate of depreciation on motor-car is 15%.
(c) Shri Somnath stays in the house, the gross annual value of which is * 9,800.
The following are the expenses which have been included in the above account in respect of
self-occupied house : Insurance premium 500; Municipal Taxes * 2,400.
The balance of house property expenses are in respect of let out house.
(7.17)
Ans. Gross Total Income 3,42,430, House Property 13,930; Profession 3,13,500; Other Sources
* 15,000.
2000
2000
000
7.15​

Answers

Answered by RushdaJaved
0

Step-by-step explanation:

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Answered by Anonymous
2

Answer:

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