Problem 10 - 7: Dr. Mahmudul Hasan is a renowned medical practitioner who gives the following receipts and payments account for the year ending on 30 June, 2017 Receipt and Payment Alc For the year ended on 30 June, 2017 Receipts Tk. Payments Tk. Balance B/D 75,000 Rent to clinic 15,000 Consulting Fees from Patients 45,000 Purchase of professional books 20,000 Visiting fees 20,000 Purchase of medicine 15,000 Sale of medicines 90,000 Purchase of Motor car 75,000 Gifts and presents from clients 10,000 Income tax 3,000 Interest from post office savings 12,000 Purchase of surgical equipments 15,000 Winning from lottery 150,000 Gift to wife 5,000 Dividends 10,000 Purchase of land 500,000 Salary income from Dhaka Balance c/d 264,000 Medical college 500,000 912.000 912,000 Additional information: 1. One-third portion of the car is used for personal purpose; 2. Date of purchase: Professional book & Surgical equipments on 14 July, 2014 and Car on 1 January, 2014 3. Depreciation is to be charged as (a) books @ 30% (b) carm 20%, and (c) surgical equipments a 20% as per Para 3 of Third Schedule 4. Closing stock of medicine Tk. 4,000. Required: Calculate Dr. Mahmudul Hasan's income from profession for the year ending on 30h