Mohan Company Ltd. was incorporated on 30^th June 1995 to take over the business of Mr. K Mohan, as from 1^st January 1995. The financial accounts of the business for the year ended 31^st December 1995 disclosed the following information:

You are required to prepare a statement apportioning the balance of profit between the periods prior to and after incorporation and show the profit and loss appropriation account for the year ended 31^st December 1995.

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Particulars Sales January to June July to December Purchases: January to June July to December Gross profit Salaries Selling Expenses Depreciation Director's Remuneration Debenture Interest Administration Expenses (Rent, Rates, etc.) Profit for the Year (3) 1,20,000 1,80,000 3,00,000 75,000 1,20,000 15,000 3,000 1,500 750 90 4,500 1,95,000 1,05,000 24,800 80,160