Ben industry Limited was incorporated on August 1, 2015. It had acquired a running business of Ben & Co. with effect from April 1, 2015. During the year 2015-16, the total sales were $ 36,00,000. The sales per month in the first half year were half of what they were in the later half year. The net profit of the company, $ 2,00,000 was worked out after charging the following expenses: (i) Depreciation $ 1,08,000, (ii) Audit fees $15,000, (ii) Directors' fees $ 62,000,

Ben industry Limited was incorporated on August 1, 2015. It had acquired a running business of Ben & Co. with effect from April 1, 2015. During the year 2015-16, the total sales were $ 36,00,000. The sales per month in the first half year were half of what they were in the later half year. The net profit of the company, $ 2,00,000 was worked out after charging the following expenses: (i) Depreciation $ 1,08,000, (ii) Audit fees $15,000, (ii) Directors' fees $ 62,000,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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