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& Mr. Laxmi Devi owns a house property at Mumbai. The municipalvalue of the property is Rs. 10,00,000, fair rent is Rs. 900,000 and standardis Rs 20.000. The property was let out for Rs. 100,000 per month up toDecember 2016. Thereafter, the tenant vacated the property and Mrs. LaxmiDevi used the house for self occupation. Rent for November and December2016 could not be realized in spite of the owner's best efforts. All conditionsprescribed under Rule 4 are satisfied. She paid municipal taxes @ 12% duringthe year. She had paid interest of Rs. 45,000 during the year for amounborrowed for repairs of the house property. Compute her income from housproperty for the assessment year 2017-18. |
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Answer» Answer: pilferage (at list price) 76,000. Debtors at Mumbai:Opening & 10,000 Cash remitted by Mumbal Branch to HO: t3,24,870. Discount Allowed to Debtors t 26, 730. Goods received by Mumbai till close of the year 2,54,000. Provision is to be male for discount on Debtors at payments. 15\% on prompt payments at year end on the basis of year's TREND of prompt Cash remitted by HO to Branch for Expenses: 18.000 Hranch Expenses still outstanding 1,482 Manager is entitled to a cammission @ 6% of net PROFITS alter charging such commission. Required: Prepare Mumbai Branch Debtors Ale, Mumbai Branch Stock Account, Mumbai Branch Adjustment Ale, Mumbai Branch Expenses Account and Mumbai Branch Profit & LOSS A / c under Stock & Debtors Method, ULLU |
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