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Prepare statement sharing net profits before incorporation

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Reference no: EM132202298

Question - Praful Co. Ltd. purchased the business on 1.4.2010. The company obtained the certificate of commencement on 31.7.2010.

The following details are available as on 31.3.2011.

a) Total sales up to 31.3.2011 Rs.15,00,000. Out of which 3,75,000 belongs to 1.4.2010 to 31.7.2010.

b) Gross profit was Rs.3,18,000.

c) The expenses are as follows - Rent Rs.9,000 ; Insurance Rs.2,250 ; Depreciation on machinery Rs.45,000; Audit fee Rs.1,800 ; Director fee Rs.3,900 ; Advertising Rs.12,000

General expenses Rs.7,200 ; Preliminary expenses Rs.10,800.

You are required to prepare statement sharing the net profits before and after incorporation.

Reference no: EM132202298

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