From the following particulars of Sriman Ltd., calculate the remuneration of Managing Director at 5% of net profit. a) Remuneration of Managing Director 10,000 b) Provision for bad debts 5,000 C) Provision for tax 75,000 d) Depreciation written off 40,000 e) Loss on sale of investments 35,000 f) Depreciation allowable as per income-tax provisions 35,000 g) Net profit after considering the above items 2,25,000

From the following particulars of Sriman Ltd., calculate the remuneration of Managing Director at 5% of net profit. a) Remuneration of Managing Director 10,000 b) Provision for bad debts 5,000 C) Provision for tax 75,000 d) Depreciation written off 40,000 e) Loss on sale of investments 35,000 f) Depreciation allowable as per income-tax provisions 35,000 g) Net profit after considering the above items 2,25,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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