Question
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 |
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