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:
| (i) Director’s fees Don't use plagiarized sources. Get Your Custom Essay on lalli ltd was incorporated on 1 july 2010 which took over a running concern with eff 618317 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | 60,000 |
| (ii) Bad debts | 7,200 |
| (iii) Advertisement (Rs.2,000 per month) | 24,000 |
| (iv) Salaries and general expenses | 1,28,000 |
| (v) Preliminary expenses written off | 12,000 |
| 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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