Q.6. The following is the profit & loss account of Bright Company (Public) Ltd. for the tax year 2010-2011. Find out the

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Q 6 The Following Is The Profit Loss Account Of Bright Company Public Ltd For The Tax Year 2010 2011 Find Out The 1 (69.32 KiB) Viewed 29 times

Q.6. The following is the profit & loss account of Bright Company (Public) Ltd. for the tax year 2010-2011. Find out the total taxable income of the company and total tax payable. Rs. Rs. Salaries & wages 80,000 Gross profit 171,600 Printing & stationery 10,000 Income from rented shop 21,000 Rent expenses 15,000 Casual income 10,000 Reserve for doubtful debts 7,000 Dividend 15,000 Director's fee 3,000 Winning from lottery Sundry receipts 4,000 11,000 Donations 10,000 Cost of issue of debentures 2,500 Loss of embezzlement 5,000 10,000 20,000 Provision for gratuity Vehicle repair Depreciation Bad debts 15,000 1,100 Income tax 21,000 Rent, rate & tax 6,000 Net profit 27,000 2,32,600 2,32,600 Notes: 1. Depreciation allowable Rs. 11,800 2. Donations were paid to approved institutions. 3. Salaries and wages include Rs. 12,400 paid to the Director of the company.