Question

Prior-19,150, post- 40,850
A limited company was incorporated on 1st September, 2017 in order to purchase a running
business form 1st April, 2017. Following particulars are available from its records -
(1) Total sales for the year was 80,000, (2) Sales for 1st April to 1 September, 20,000 (3)
Gross profit for the pre incorporation period is 7,50034) Total administrative expenses for
the year ending 31st March 2018 (including directors fees 1,000) * 25,000 Company's
share capital was 75,000. Find out profit prior to and after incorporation.[DAVV 1986 Supp.)​

Answer 1

Answer:

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