Mr.S as trader furnishes the following information. Calculate his income from Business. Particulars Amt Particulars Amt To general expenses 480000 By GP 2200000 To salary to staff 240000 By commission 40000 To salary to S 120000 By bad debts recovered (earlier allowed) 60000 To interest on capital 60000 By interest on listed debentures 100000 To interest on OD 40000 To extension of building 150000 To interest on loan 40000 To depreciation 120000 To office expenses 80000 To audit fees 72000 To fire insurance 78000 To bonus to staff 100000 To contribution to RPF 122000 To advertisement 200000 To reserve 60000 To Bad debts 90000 To NP 348000 2400000 2400000 Depreciation Rs 140000 (excluding depreciation on sign boards) Advertisement includes Rs 50000 being cost of sign board. Income of Rs 60000 accrued during the year not entered in P&L account. Loan was taken to pay income tax arrears. Rs 40000 paid as damages for failure to fulfill a contract in time is included in general expenses. Office expenses includes Rs 5000 as salary to his wife who casually helps in the business.