Model: Pre- and post-incorporation profits (statement method) time and sales ratios and allocation Thambu Ltd. was registered on 1 October 2009 to acquire the running business of Shetty & Co. with effect from 1 April 2009. The following was the profit and loss account of the company as on 31 March 2010:
| Particulars Don't use plagiarized sources. Get Your Custom Essay on you are required to prepare a statement showing profit earned by the company in the 618290 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Particulars | ||
| To Office Expenses | 70,000 | By Gross Profit b/d | 3,00,000 |
| To Formation Expenses (Written off) | 20,000 | ||
| To Stationery and Postage … To Selling | 10,000 | ||
| Expenses | 90,000 | ||
| To Director”s Fees | 30,000 | ||
| To Net Profit | 80,000 | ||
| 3,00,000 | 3,00,000 |
You are required to prepare a statement showing profit earned by the company in the pre- and post-incorporation periods. The total sales for the year took place in the ratio of 1:2 before and after incorporation, respectively.
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