& Talha. Mr Ali is a partner in the firm of ABC and has been trading for some years as an active partner, the other partners of the business Mr Burhan & Ali share among the partnership profit, but are not active participants in the operations of the company. The following list of balances has been extracted from his ledger as at 30 May 2018, the end of his most recent financial year. Stock 1 April 20x8 Sales Purchases Carriage inwards Carriage outwards Returns outwards Wages and salaries Business rates Communication expenses Commissions paid Insurance Sundry expenses Buildings Debtors Creditors Fixtures Cash at bank Cash in hand Drawings Capital (a) Rent is accrued by 210. (b) Rates have been prepaid by 1880. (c) (d) Dr 52,800 141,300 1,350 5,840 63,400 3,800 714 1,930 1,830 208 125,000 45,900 1,106 31,420 276 37,320 514.194 (2.211 of carriage represents carriage inwards on purchases Equipment is to be depreciated at 15% per annum using the straight line method. The provision for doubtful debts to be by 40. (f) Stock at the close of business has been valued at 13.551. 276,400 2,408 24,870 210,516 514.194 The tax on profit to be charged at a percentage of 5% after accounting for all expenditures incurred in the operations of the business & after making all appropriate rectifications which are necessary to be made. The partners share the profit in the ratio 2:4:4 Specifically, for profit earned as income by the partners a 0.5% tax is charged on partners income. Ali agrees to take a separate salary exclusive of profit of Rs 10000 for working as an active partner in the business. A) Calculate the taxable profit for Mr Ali (Income from Business