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need this ASAP Lotus Ltd. was incorporated on 1st July, 201 to acquire a running business of Feel were 48,00,000 of which 9,60,000 were for
need this ASAP
Lotus Ltd. was incorporated on 1st July, 201 to acquire a running business of Feel were 48,00,000 of which 9,60,000 were for the first six months. The Gross profit of the company 7,81,600. The expenses charged to the Profit \& Loss Statement included: (i) Director's fees 60,000 (ii) Bad debts 14,400 (iii) Advertising 48,000 (under a contract amounting to 4,000 per month) (iv) Salaries and General Expenses 2,56,000 (v) Preliminary Expenses written off 20,000 - (vi) Donation to a political party given by the company 20,000. Prepare a statement showing pre-incorporation and post-incorporation profit for the year ended 375t March, 202Step by Step Solution
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