PRACTICE 4/184 z 23 By Sales 25.50,000 3.60.000 15.000 7.500 To General expenses ILLUSTRATION 11 Eenna, Meena, Deeka are working partners in a firm assessed u/s 184. Sharing profit and losses in 3:2:1 ratio. PROFIT AND LOSS A/C for the year ending 31-3-2015 To Opening stock 3,00,000 To Purchases 12,25,000 By Closing stock To Salaries & Wages 3,00,000 By Interest on drawings from Deeka To Depreciation 2,00,000 By Interest on commercial securities 2.25,000 By Long term capital gain on sale of To Salary to Partners : plot 4,50.000 Eenna 1,62,000 Meena 1,44,000 Deeka 1,26,000 4,32,000 To Interest on Capital @ 15% Eenna 15,750 Meena 13,500 Deeka 9,000 38,250 To Commission to Eenna 75,000 To Net Profit 5,87,250 33,82,500 33,82,500 Additional Informations : (1) Opening stock is overvalued by 20%. (2) B/F unabsorbed depreciation of 1,00,000 related to previous year 2013-14. (3) The payment of interest, salary, commission etc. to partners is as per deed. (4) The interest on drawing from partners is also as per deed. (5) General expenses include- (a) Donation of 1,00,000 to Radha Swami Satsang Trust (approved u/s 80G). (6) * 10,000 as legal expenses incurred in defending a suit regarding firm's title to its plol. Calculate : (a) Total income and Tax liability of firm. (b) Business income of partners