A company which was incorporated on 1st May, 2019 acquired the business with effect from 1st January, 2019. The accounts of the company were closed for the first time on 30th September, 2019 disclosing gross profit of ₹ 84,000. The establishment chages were ₹21,330; Director fees ₹1,500 per month and preliminary expenses ₹3,250; Rent upto 30th June, 2019 was ₹ 150 per month but there after it was increased to ₹ 375 per month.
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