Question

a) Narayana Limited was incorporated on 01.08.2019 to acquire a running business of Hari and sons
Wef. 01.04.2019. During the year the total sales were Rs.26,00,000 of which Rs.5,00,000 were for
the first quarter, Rs.9,00,000 were for the second quarter. The Gross profit of the company
Rs.4,20,000. The expenses debited to the Profit & Loss Account included the following 8M
Rs.
Salaries and General expenses
1,.36,000
Fixed advertising expenses
18,000
Other Advertising expenses
24,000
Rent, Rates and Taxes
48,000
Directors fees
24,000
Bad debts written off (After adjusting Rs.500 bad debts recovered
which was written-off in 2018) preliminary expenses
4,000
Donations to political party (Out of which Rs.2,000 given by the firm)
6000
Interest paid on dentures
3,000
Interest paid to vendors (Settled on 01.10.2019)
12,000
Gross profit remains same throughout the year
You are required to prepare a statement showing allocation of income and expenses during pre
and post incorporation periods for the year ending 31.03.2020
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Answer 1

Answer:

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