Question

A
From the particulars compute the business income of Mr. S.
To salaries 90,000 By Gross Profit 3,50,000
To Rent and taxes 20,000 By dividend 4,000
To service charges 4,000 By bad debts recovered
(allowed earlier) 4,400
To legal expenses 5,000 By Interest from post
Office savings Bank 1,200
To reserve for income tax 6,000
To depreciation 12,000
To expenses
acquisition of patent 56,000
To office expenses 42,000
To Contribution to RPF 12,000
To bad debts 4,500
To donation to NDF 2,500
To net profit 1,05,600
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3,59,600 3,59,600
Notes:
legal expenses include Rs.2,000 incurred by assessee for defending a case for damages for breach of contract which was decided in favour of assessee.
Depreciation of the year on assets other than the patent rights is Rs.16,900
Contribution to RPF due on 31.3.2018 Rs.2,000.​

Answer 1

Answer:

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