Question

. A Company was incorporated on 1st July, 2013 to take over the business of Gupta Bros. from 1st
April, 2013. The company was granted certificate to commence business on 31st August, 2013. From
the following information, you are required to calculate the profits earned by the company in pre
and post incorporation period on the basis of date of certificate of incorporation,
(a) Total Sales for the year 2013-14 was ₹2,40,000. The trend of sales was as: 2013: April
, May,
2014: February and March half the average sales in each month. August, Sept., Oct., 2013 and
Jan. 2014 average sales m each month
(b) Cost of Goods sold ₹60,000
(c) Salary and other administration charges of ₹6,000.
(d) Bad Debts ₹2,400.
(e) Interest on the purchase price paid by the company to Gupta Bros. on 1st Nov., 2013 ₹2100
(f) Expenses exclusively related to company ₹8,900.​

Answer 1

Answer:

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