Question

The following is the Profit and Loss Account of Mr.X for the year ended 31st March, 2015.
Compute his taxable income from business for that year :
₹
Opening Stock
15,000 Sales
2,80,000
Purchases
1,40,000 Closing Stock
20,000
Wages
20,000 Gift from father
10,000
Rent
46,000 Sale of Car
17,000
Repairs of Car
3,000 Income tax Refund
3,000
Medical Expenses
3,000
General Expenses
10,000
Depreciation of Car
4,000
Profit for the year
89,000
* 3,30,000
* 3,30,000
Following further information is given :
(1) Mr. X carries on his business from a rented premises half of which is used as his
residence.
(2) Mr. X bought a car during the year for 20,000. He charged 20% depreciation on the
value of the car. The car was sold during the year for 17,000. The use of the car was
3/4th for the business and 1/4th for personal use.
(3) Medical expenses were incurred during the sickness of Mr. X for his treatment.
(4) Wages include 250 per month on account of Mr. X's driver for 10 months.​

Answer 1

Answer:

In math, volume is the amount of space in a certain 3D object. For instance, a fish tank has 3 feet in length, 1 foot in width and two feet in height. To find the volume, you multiply length times width times height, which is 3x1x2, which equals six. So the volume of the fish tank is 6 cubic feet.

Explanation:

Answer 2

Explanation:

computation of taxable income from business