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Explanation:
X manufacturing company produces cement and cement products. It has rich and broad product mix which caters to the needs of both construction companies as well as ultimate consumers. The company's product mix consists of 25 product lines and each product line has more than 10 products. The company has more than 250 registered market outlets in North India. With a workforce of more than 450 employees the company generated sales revenues of rupees 14 million last year. On 15 June 2016 the company submitted its financial statements - profit and loss account and balance sheet of the previous year to income tax officer(ITO) for assessing its tax liability. After examining the company's financial statements, the ITO returned the statements to the company with the remarks that it has failed to prepare its financial statements as per established norms. The remarks of the ITO lef the owner of the company to seek help from a tax consultant. consequently the company approach a tax consultant who examined the company's financial statements and the accounting system and submitted his observation as
All sales receipts are credited to the personal account of the owner from