Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10-5 From the following receipts and payments a/c of Mr. Arif Khan, an income tax practitioner, calculate income from profession: Receipt and Payment A/c For

10-5

From the following receipts and payments a/c of Mr. Arif Khan, an income tax practitioner, calculate income from profession:

Receipt and Payment A/c

For the year ended on 30th June,2019

Receipts

tk

Payment

tk

Balance B/D

350,000

Office and administrative exp.

60,000

Fees from client

150,000

Salary to staff

70,000

Presents from client

40,000

repairs

8,000

Interest on Bangladesh savings certificate

22,500

Interest on loan for business

12,000

Rent from let out property

75,000

Income tax

6,000

Share of profit from a firm

12,500

Purchase of car (01.01.15)

150,000

Balance c/d

344,000

650,000

650,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services A Systematic Approach

Authors: William Messier, Steven Glover, Douglas Prawitt

12th Edition

1264100671, 978-1264100675

More Books

Students also viewed these Accounting questions