Lalli Ltd. was incorporated on 1 July 2010 which took over a running concern with effect from 1 January 2010. The sales for the period up to 1 July 2010 was Rs.10,80,000 and the sales from 1 July 2010 to 31 December 2010 amounted to Rs.13,20,000. The expenses debited to profit and loss account included:
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(i) Director’s fees Don't use plagiarized sources. Get Your Custom Essay on
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60,000 |
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(ii) Bad debts |
7,200 |
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(iii) Advertisement (Rs.2,000 per month) |
24,000 |
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(iv) Salaries and general expenses |
1,28,000 |
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(v) Preliminary expenses written off |
12,000 |
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The gross profit for the period from 1 January 2010 to 31 December 2010 |
9,60,000 |
You are required to compute profit prior to incorporation.
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