a company was incorporated on 1 august 2010 in order to purchase a running business 618316

A company was incorporated on 1 August 2010 in order to purchase a running business from 1 April 2010. The following particulars are available from its records:

(i) Total sales for 2010–11:

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2,40,000

(ii) Sales from 1 April 2010 to 31 July 2010

60,000

(iii) Gross profit for the whole year

90,000

(iv) Total expenses of 2010–11 (including director’s fees 3,000)

75,000

(v) Company’s share capital

2,25,000

You are required to calculate profit prior to incorporation and after incorporation by preparing profit and loss account.

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