Question

60
nt of Mandya Sugar Co.
2) Given below is the profit and loss account of Mandva
Ltd. for the year-ended 31-03-2018.
os of sugar 11,52,500
5,000
To Cost of goods sold
*To Salaries
*To General expenses
To Commission
*To Interest on Loan
*To Director's fees
To RBD
To Income Tax
To Depreciation
To Wealth tax
To Proposed Dividend
To Penalties and fines
To General reserve
To Donation to NDF
* To Subscription to
Sugar syndicate
*To Subscription to
chamber of commerce
To Customs duty (o/s)
To Municipal Tax (H.P)
6,50,500 By Sales of sugar 1
1,20,000 By Transfer fees
10,500 By Rent from
12.000 agricultural Land 20.000
8,500 By Premium on issue
· 4.000 of shares
75.000
10,000 By Interest on Bank
24.000 Deposits (Gross) 15.000
42,000 By Capital Gain on
10,000 Sale of investments
1,00,000 (Long term) 35,000
3,500 By Rent from Building
55,000 let out
5,000
47,500
2,500
3,000
5,500
4,000
2,80,000
To Net profit
13,50,000
13,50000
Other information:
1) Actual bad debts during the year Rs. 6,000.
2) Depreciation allowable is Rs. 45,000.
3) Contribution to recognized staff provident fund Rs. 15,000
4) General expenses include Rs. 3,000 spent on promoting family
planning amongst its employees.
Compute taxable income of company for A.Y.
(May/June-2013)​

Answer 1

Answer:

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