Question

A limited liability company was incorporated on 1 July, 2019 in order to purchase a cong business from 1' April, 2019. Following particulars are available from its record: (i) Total Sale 2019-20 Rs. 80,000 (11) Sales from 1 April, 2019 to 30 June, 2019 Rs. 20.000 () Gross Profit for the whole year Rs. 30.000 (iv) Total Expenses of 2019-20 (including Director's Fees of Rs. 1,000) Rs. 25,000 (v) Company's Share Capital Rs. 75,000. Find out profit prior to incorporation and after incorporation and prepare Statecent of Profit and Loss in the books of this limited liability company.​

Answer 1

Explanation:

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