Question

3,35,000
Mr. N prepared the following profit & loss account of his cloth shop for the year ended 31st March, 2020.
Find out his income from the business for the Assessment Year 2020-21.
Profit & Loss Account
(for the year ended 31st March, 2020)
₹
Salaries and Wages
33,000 Gross Profit
3,34,725
Rent, etc.
1,600 Gifts received from relatives
275
Household expenses
82,000
Income tax
900
Advertisement
800
Postage expenses
Gifts to relatives
900
Fire Insurance Premium
400
Life Insurance Premium
2,100
Bad Debts Reserve
800
Audit Fees
400
Net Profit transferred to Capital A/C 2,11,500
3,35,000
* 3,35,000
(7.1)
Ans. Taxable Income from Business 2,97,925.
ve banho
600​

Answer 1

Answer:

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