The particulars of a residential house are given below for the assessment year 2019-20;
Rs.
Municipal value
44,000
fair rent 48000
Standard rent
36000
Actual rent
37,200
Municipal taxes paid
8800
Ground rent payable
60
Interest on money borri...dui construction
5,000
Collection charges actually paid
300
The assess mortgaged the property for Rs. 36,000 which was spent on his daughter's
marriage. The assessee paid interest of Rs. 3,000 on the mortgage loan this vear Compute
his income from house property
Answers
Answer:
Answer:
2.
(Ans. Realisation Profit to A 73,000 and B 21,000, Total Profit - 240.000
Verma and Sharma were partners sharing profits in the ratio of 3 1. On 31-3-2011
their Balance Sheet was as follows:
Balance Sheet of Verma & Sharma (as at 31.3.2011)
Liabilities
Assets
Amount
₹
Amount
3
70.000
Capital :
Verma
Sharma
Creditors
Land and Building
1,20,000
Machinery
80.000 2,00.000 Debtors
70.000 Bank
2.70.000
80.000
60.000
2.70.000
The firm was dissolved on 1-4-2011 and the Assets and Liabilities were setties
follows:
(i) Creditors of 50.000 took over Land and Building in full settlement of their
claim.
(ii) Remaining Creditors were paid in cash.
(iii) Machinery was sold at a depreciation of 30%
(iv) Debtors were collected at a cost of 500
(v) Expenses of realisation were 1.700.