Constructed a multi-storied building consisting

Assignment Help Accounting Basics

Reference no: EM131071019

Dr. Bankey Lal, a businessman, constructed a multi-storied building consisting 16 flats of equal size. The construction was started in April 2004 and completed on March 31, 2008. Of these 16 Flats, 8 were let-out to tenants for their residence, 2 to tenants for their business, 2 were used by Doctor Bankey Lal for their business, 2 were used by him for his own business and 2 were allocated to 2 employees of Dr. Bankey Lal; Business for their residence and the occupation of these 2 flats by the two employees facilitated the carrying of on his business. The rent charged from each of the ten tenants were Rs 500 p.m. but from the two employees of Dr. Bankey Lal@ Rs 200 p.m. One of the tenants were in arrear of rent for two months during the year and was unable to pay the same. After, he vacated the flat, Dr. Bankey Lal had to wait for two months to get new tenant. The expenses incurred by Dr. Bankey Lal in respect of the flats during the year ended on 31 March 2013 were as follows :- Municipal taxes for each flat Rs 750, cost of repair of each flat Rs 500, annual interest on loan on construction of house Rs 24000, Fire is insurance premium for flat Rs 100, Law charges in connection with a lease agreement were paid for each flat Rs 500.

Please give your answer in at least 25 words and press save and continue button.
S. No. Questions Marks - 10
1. Compute the income from house property of Dr. Bankey Lal for the assessment year 2013-2014

Reference no: EM131071019

Questions Cloud

Prepare a narrative justification for the initiation : Prepare a narrative justification for the initiation of such a system.

Connection head executive : Appropriate preparing is one of the fundamental devices in keeping up a fruitful OHS program. Without preparing, all the business' approaches and techniques are just words in composing.

Determine whether or not you believe the notion : Determine whether or not you believe the notion that an officer or investigator's first questions at the scene should be, "Where's the phone? Can we get access to the phone?" Provide a rationale for your determination.

What is the NPV and accounting break-even level of sales : Modern Artifacts can produce keepsakes that will be sold for $80 each. Nondepreciation fixed costs are $2,800 per year, and variable costs are $40 per unit. What is the accounting break-even level of sales if the firm pays no taxes? What is the NPV b..

Constructed a multi-storied building consisting : Dr. Bankey Lal, a businessman, constructed a multi-storied building consisting 16 flats of equal size. The construction was started in April 2004 and completed on March 31, 2008.

Write the code to open the file and copy the raw data : Write the code to open the file and copy the ‘raw' data from the file into a ListBox. Write the code to save the data in the ListBox to a new file.

What should be done about the various incidents : Your boss asks what you think about all of these strange incidents. Respond and be sure to provide a recommendation on what should be done about the various incidents.

Performance of managerial functions : Outline the order in which managers in an organization employ in the performance of their managerial functions.

Holistic understanding of conducting business in a culture : "Doing business in a cultural insight presentation which requires you to share your empathetic and holistic understanding of conducting business in a culture other than your own.

User Account

All Pages