From the following prepare a consolidated Income Statement Rs.(in lakhs). 31st March 2019 T Ltd S Ltd Net sales 1600 2000 Cost of goods sold 1200 1500 Administrative expenses 40 40 Selling expenses 60 80 Net Profit 300 380 Tax Rate 30% 40% T Ltd acquired 80%% of S Ltd on 1st July 2018. Goodwill impairment Rs.30 lakhs. T Ltd sold goods to S Ltd Rs 400 lakhs originally cost of 360 lakhs and in the remaining period of the year 300 lakhs was sold by S ltd.
Answers
Explanation:
Newgen food industries set up food and beverages processing plant in the rural area of Haryana and opted for labour intensive technique due to easy availability of the labour. The enterprise avail the services of the local people who belong to the weaker section of society. The board of director decided invest 50 lacs to acquire plant and machinery, rupees 1 crore to buy land, rupees 20 lakh to buy raw material and rupees 20 lacs to maintain day to day expenses. On the basis of given information about newgen food industries, answer the following questions:(A) Name the act of industries which is applicable to the above industry.(MSMED,Act2006)(B) Identify the category into which this industrial unit will be placed as per act identified in part (a.) (small manufacturing)(C) State the investment limit of the category into which this industrial unit will be placed.