prepare a statement showing the calculation of profit for the pre corporation and post corporation.

Question 5 The promoters of Glorious Ltd. took over on behalf of the company a running business with effect from 1st April, 2012. The company got incorporated on 1st August, 2012. The annual accounts were made up to 31st March, 2013 which revealed that the sales for the whole year totalled 1.600 lakhs out of which sales till 31st July, 2012 were for 2400 lakhs. Gross profit ratio was 25% The expenses from 1st April 2012, till 31st March, 2013 were as follows: in lakhs) Salaries 69 Rent, Rates and Insurance 24 Sundry Office Expenses 66 Travellers' Commission 16 Discount Allowed 12. Bad Debts 4 Directors' Fee 25 Audit Fee 9 12. Depreciation on Tangible Assets Debenture Interest 11 Prepare a statement showing the calculation of Profits for the pre-incorporation and post- incorporation periods