Mumbai Silk Ltd. Acquires a business as on 1st January, 2018 it being incorporated on 1st May, 2018. The first accounts are drawn up to 30th September, 2018. The Gross Profit is 7 56,000. The general expenses are 7 14,220, director's fees? 12,000 per annum. Preliminary expenses ? 1,500 rent to 30th June was 1,200 per annum after which it was increased to 3,000 per annum. Salary of the manager, who upon incorporation of this company was made a director, was 6,000 per annum (Since incorporation of the company it was included in director's fees above). Show pre-incorporation and post-incorporation profit of this company by preparing a statement. Assuming that the net sales for 12 months were? 3365-P [1] PTO 8,20,000, the monthly average of which for the first four months of 2018 being one half of the remaining period. This company earned uniform profit account close on 31st December, 1999.
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Mumbai silk ltd aquires a business
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