ILLUSTRATION 5 Alpha, Beata and Gamma are working partners in ABG and Company sharing profits and losse in 3 : 2:1. 219 Profit and Loss Account for the perr ending 31-3-2015 17.00,00 2,40,00 10,00 5,00 9,50,000 By Sales 2,00,000 By Closing tock 1,50,000 By Interest on drawings from 2,00,000 Gamma By Interest on Govt. Securities By Long term capital gain on sale of land (computed) 2,88,000 To Purchases To Salaries and Wages To Depreciation To General expenses To Salary to partners : Alpha 1,08,000 Beta 96,000 Gamma 84,000 To Interest on capital @ 15% Alpha 10,500 Beta 9,000 Gamma 6,000 To Commission (Alpha) To Net Profit c/d 3.00.00 25,500 50,000 3,91,500 22,55,000 22,55,0 Additional Information : (1) Closing stock is undervalued by 20%. (ii) General expenses include a donation of 10,000 to Mata Vaishno Devi Shrine Bo (Approved). (iii) Depreciation allowable as per Section 32 (for Previous year 2014-15) is * 1,30,000. (iv) B/F unabsorbed depreciation of 1,45,000 relating to previous year 2012-13 (v) Purchases include one bill of 30,000 which was paid in cash. (vi) The firm has fulfilled all the conditions prescribed u/s 184. (vii) The payment of interest, salary, commission etc. to partners is as per deed. (viii) The interest on drawing from partner is also as per deed. Calculate : (A) Book Profits; (B) Total income and Tax liability of firm for Assessment Year 2015-16; (C) Business Income of all the partners