to be debited to P & L A/cLLUSTRATIONPofit and Loss Account of M/s Raju & CompanyGeneral ExpensesFire Insurance Premium7,0002,0001,00065,00022,25012,5002,0001,0002,000Gross ProfitBad debts, recoveredbut disallowcd earlierInterest from Govt.SecuritiesRent received from employcesInterest from debtors fordelayed payment1,40,000Bad debtsolariesAdvortisement (in cash)Proprietor's salaryaerest on capital4,0004,00012,000Income-tax6,000DepreciationSales-tax (due)Advance income-tax paidDonationsMotor car expensesMunicipal taxes of quarterslet to amployeesNot profit5,0001,0005007505,00039,0001,66,0001.66,000General expenses include 4.000 paid as compensation to an old employee whose services wereminsted in the interest of the business and 2,200 by way of help to a poor student. Depreciationalgulated according to the rates comes to 2.900. Sales tax was paid on 1-5-2015. Date of filing ofcturn is 31-7-2015.50% of Motor-car expenses are for proprietor's personal use.Compute business income,

Business income is computed after considering the expenditure that is incurred on the business and…

ILLUSTRATION Pofit and Loss Account of M/s Raju & Conmpany Gencral Expenses re Insurance Premium 7,000 2,000 1,000 65,000 22,250 12,500 2,000 Gross Profit Bad debts, recovered but disallowed carlier Interest from Govt. Securities Rent received from employces Interest from debtors for delayed payment 1,40,000 Bad debts Solaries Advortisement (in cash) Proprietor's salary crest on capital Encome-tax Depreciation ales-tax (due) advance income-tax paid Donations Mocor car expenses unicipal taxes of quarters let to amployees et profit 4,000 4,000 12,000 1,000 2,000 5,000 1,000 500 750 6,000 5,000 39,000 1,66,000 1.66,000 General expenses include 4.000 paid as compensation to an old employee whose services were minsted in the interest of the business and 2,200 by way of help to a poor student. Depreciation solated according to the rates comes to 2.900. Sales tax was paid on 1-5-2015 Date of filing of rn is 31-7-2015. 50% of Motor-car expenses are for proprietor's personal use. Compute business income

ILLUSTRATION Pofit and Loss Account of M/s Raju & Conmpany Gencral Expenses re Insurance Premium 7,000 2,000 1,000 65,000 22,250 12,500 2,000 Gross Profit Bad debts, recovered but disallowed carlier Interest from Govt. Securities Rent received from employces Interest from debtors for delayed payment 1,40,000 Bad debts Solaries Advortisement (in cash) Proprietor's salary crest on capital Encome-tax Depreciation ales-tax (due) advance income-tax paid Donations Mocor car expenses unicipal taxes of quarters let to amployees et profit 4,000 4,000 12,000 1,000 2,000 5,000 1,000 500 750 6,000 5,000 39,000 1,66,000 1.66,000 General expenses include 4.000 paid as compensation to an old employee whose services were minsted in the interest of the business and 2,200 by way of help to a poor student. Depreciation solated according to the rates comes to 2.900. Sales tax was paid on 1-5-2015 Date of filing of rn is 31-7-2015. 50% of Motor-car expenses are for proprietor's personal use. Compute business income

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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