Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

By Question 2:Dr. Shuba is medical practitioner. Her age is 60 as on 1 Jan 2020. The Receipts and payments account of 2019-20 of her

image text in transcribed

By Question 2:Dr. Shuba is medical practitioner. Her age is 60 as on 1 Jan 2020. The Receipts and payments account of 2019-20 of her is as under: To Balance B/f: 10,000 Purchase of commercial vehicle 4,00,000 Receipts from sale of Medicine 2,50,000 (Before 30 Sep. 2019) Consultation fee 50,000 Drawing 2,50,000 Visiting fee 2,00,000 Deposit in bank for 5 years 1,50,000 Lecturers 5,000 Surgical instrument purchased Family pension 2,80,000 Before 30 Sep. 2019 50,000 Saving bank interest 1,000 Installment of loan paid Loan from bank 3,00,000 (including interest * 22,333) 1,21,000 Share from HUF 50,000 Medical insurance premium 32,000 Agriculture income 1,00,000 Installment of housing loan Income from lottery 35,000 (Principal component * 48,000) 1,08,000 (net after deduction of Advance tax paid 20,000 TDS @ 30%) Purchase of medicine 47,000 Payment for medical journal 5,000 50,000 Balance C/f: 48,000 Total 12,81,000 Total 12,81,000 Vehicle expenses Other relevant information is as under: (i) She resides in her own house which was constructed in 1998 with a loan from LIC Housing of 10,00,000 out of which 6,00,000 was still due. She got it refinanced from SBI on 01.04.13 at the rate of10%. One fourth portion of the house is used for clinic purposes. (WDV as on 1.4.2019 * 2,82,430) (ii) She invested in term deposit 1,50,000 in Bank of Baroda on 01.07.19 for a period of 5 years in the name of her minor daughter at 9% interest p.a. (iii) She purchased a commercial vehicle on 1 July 2019 at 4,00,000. A loan of 3,00,000 was taken to buy the van at 8% interest. One fourth use of vehicle is estimated to be personal. (iv) She paid medical insurance premium for herself of 16,000 and for her mother 16,000. Her mother is dependent on her. (v) She got her share from HUF's income of 50,000. Compute Total Income

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

The Audit Process Principles Practice And Cases

Authors: Stuart Manson, Iain Gray, Iain G. Sheffield, I.H. Gray, I. Etal Gray

2nd Edition

1861520107, 9781861520104

More Books

Students also viewed these Accounting questions