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Prepare Income Statement with following data. 1) Net Income for the year Rs. 1.2 Million 2) Rate of Income 0.1 time of the sales 3)

Prepare Income Statement with following data.

1) Net Income for the year Rs. 1.2 Million

2) Rate of Income 0.1 time of the sales

3) Gross profit 0.4 time of sales

4) Marketing Expense 10% of sales

5) 7% bonds payable represent 37.5% of total liabilities Rs. 2 Million.

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