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ILLUSTRATION 1. A firm had $ 2,00,000 as cash at bank on 1-4-2008. The consumer price Index on that date was 200. During the year

ILLUSTRATION 1. A firm had $ 2,00,000 as cash at bank on 1-4-2008. The consumer price Index on that date was 200. During the year ended 31st March, 2008 the receipts and payment were as stated below Receipts $ Index Payments $ Index 01-Jun Jan. 15 Sales sales 1,05,000 210 3,45,000 230 Sept. 15 Nov.20 Dec. 1 Costs Costs 2,15,000 215 Costs 1,50,000 240 2,00,000 225 Ascertain the profit or loss on account of price changes. The year end index was 240

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