C10 Illustration 3 The following extract of Balance sheet of X Ltd. was obtained: Balance sheet (Extract) as on 31st March, 2006 Liabilities Rs. Authorised capital: 20,000, 14% preference shares of Rs. 100 20,00,000 2,00,000 Equity shares of Rs. 100 each 2,00,00.000 220,00,000 Issued and subscribed capital: 15,000, 14% preference shares of Rs. 100 each fully paid 15,00,000 1,20,000 Equity shares of Rs. 100 each, Rs. 80 paid-up 96,00,000 Share suspense account 20,00,000 Reserves and surplus Capital reserves (60% is revaluation reserve) 2,50,000 Securities premium 50,000 Secured loans: 15% Debentures 65,00,000 Unsecured loans: Public deposits 3,70,000 Cash credit loan from SBI 4,65,000 Current Liabilities: Sundry creditors 3.45,000 Assets: Investment in shares, debentures, etc. 75,00,000 Profit and Loss account 15,25,000 Preliminary expenses not written off 55,000 Share suspense account represents application money received on shares the allotment of which is not yet made. X Lid. has been sustaining loss for the last few years. X Lid. has only one whole-time director. Einu out how much remuneration X Ltd. can pay to its managerial person as per the provisions of Part II of Schedule XIII. Would your answer differ if X Ltd. is an investment company