Question

Question No. 28
• If Net Profit is Rs. 500000 How
much amount transferred to
Statutory Reserve
Answer
А.
Rs. 100000
B.
Rs. 125000
С.
Rs. 130000
D. Rs. 150000​

Answer 1

Step-by-step explanation:

₹ 1,25,000

Under Section 17, every banking company incorporated in India is required to transfer at least 25% of its current profit to its reserve fund. It is known as statutory reserve.