X Ltd. was registered on 1 January 2010 to buy the business of M/s Y Brothers as on 1 October 2009 and the Certificate of Commencement of Business on 1 February 2010. The accounts of the company for the period of 12 months ended 30 September 2010 disclosed the net profit of Rs.1,25,000 after having charged the following amounts:
Salary: Rs.30,000 (There were four employees in the pre-incorporation period and seven in the post-incorporation period)
Wages: Rs.10,920 (There were four workers in the pre-incorporation period and five in the post-incorporation period and the rate of wages were Rs.160 and Rs.200 per month per worker in the pre- and post-incorporation periods, respectively)
Sales: Rs.4,80,000 of which Rs.80,000 relates to pre-incorporation period.
Director’s fees: Rs.16,000
You are required to calculate profit for pre- and post-incorporation periods separately.
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