Question

8. A Company incorporated on 1st November, 2011 acquires a business as
from 1st July, 2011. The First account were drawn up to 319 march, 2012. The
gross profits for this period was Rs 56000. The expenses were as follows -
General expenses Rs 14220, director's fees Rs 12000 per annum, formation
expenses Rs 1500. Rent to 31st Dec, 2011 was Rs 1200 per annum, after
which it was increased to Rs 3000 per annum. Salary of the manager who
upon incorporation of the company become a director was Rs 6000 per​

Answer 1

Explanation:

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