Question

Trading expenses
Office expenses
17. A, B, & C are equal partners in a trading fir, which does not fulfil the conditions of sec 184.
P & L A/C for the year ending 31/03/2019
Rs.
Rs. Ps.
Ps
320000 Gross Profit
275000
Interest on bank
30000
25000
deposit
Rent of premises to C
Net loss
A. 1,00,000
B. 1,00,000
10000
C.
1,00,000
Interest on Capital
A. 30000
B. 30000
C. 30000
Salary to B
60000
Commission
10000
Advertisement Expenses
20000
Depreciation
40000
Total
6,00,000
6,00,000
Trade Expenses include a payment of Rs. 40,000/- made in cash. The firm is eligible for depreciation
Rs. 50,000/- compute income from business of the firm and the amount taxable in the hands of the
partners.
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Answer 1

Answer:

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