joseph takes on lease a forest area on July 1, 1997, on an annual rental of $. 12,500. The right to collect seeds and extract oil therefrom is given to him, and he installs a plant for oil extraction. The oil seeds are collected in a centre from where they are conveyed to the extraction plant. The plant itself generates the power which it utilises. The following balances as on June 30, 1998, are available: Wages $. For collection of seeds 12,000 For staff of power plant 8,000 For other staff 1 1,000 Salaries to office staff 9,000 Coal: 3,000 Stock on 1-7-1997 Stock on 30-6-1998 6,000 Purchases in the year 14,000 Plant running expenses 8,000 Office overheads 5,000 Sales of oil 78,000 Stock of oil on 30.6.1998 5,000 Stock of oil seeds on 30.6.1998 600 30% of the plant expenses are related to consumption of power for transfer of seeds. Prepare necessary accounts showing collection and conveyance costs and Net Profits separately.