The promoters of proposed Prosperity Ltd. purchased a running business on 1 April 2009 from Mr. Alphonse and was incorporated on 1 August 2009. The combined P&L A/c of the company prior to and after the date of incorporation is as under:
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Particulars |
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To Rent, Rates, |
36,000 |
By Gross Profit |
4,50,000 |
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Insurance |
By Discount |
18,000 |
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Electricity & |
Received from |
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Salaries |
Creditors |
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To Director”s |
10,800 |
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Sitting Fees |
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To Preliminary |
14,700 |
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Expenses |
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To Carriage |
16,500 |
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Outwards and |
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Selling Expenses |
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To Interest Paid to |
30,000 |
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Vendors |
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To Net Profit |
3,60,000 |
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4,68,000 |
4,68,000 |
Further information:
From the above information, prepare P&L A/c for the year ended 31 March 2010, showing the profit earned prior to and after incorporation and also show the transfer of the same to the appropriate accounts.
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