2,300,000

ABC Company having 3 partners Khalid, Bilal and Ahmad having P & L Ratio 4:3:2
for 2020. ending dare 31st dec
Rs. Rs.
General Expeses 400,000 Gross Profit 6,000,000
Income Tax prepaid 50,000 Discount Received 100,000
Depreciation 400,000 Income from Property 360,000
Donation to Govt Hospital. 100,000 Gain on sale of Securities 100,000
Advertisement Exp 250,000 ( Sold After 5 year)
Salaries to Partners Gain on sale of PVT CO Shares 160,000
Khalid 240,000 (Sold After 12 Months)
Bilal 360,000 Gain on sale of Constructed Property 6,000,000
Ahmad 200,000 800,000 Brokerage and commission 80,000
Life Insurance Paid by Firm
Khalid 80,000
Bilal 120,000 200,000
Interest on Capital
Bilal 60,000
Ahmad 40,000 100,000
Net Profit 10,500,000
12,800,000 12,800,000
Notes:
1- General Expense include Donation to Government Hospital Rs. 100,000,
the same was again claimed as expense.
2- Advertisement Include 50,000 for launch of new Product.
3- Statutary Depreciation other than of Machinary. was 3/4th of the claimed depreciation.
4- A machinary was purchased in july 2015 for RS. 30,00,000 was sold on 30thSep 2020 for 22,00,000.
5- Property sold after 1 year.
Other Incomes of Partners:
Khalid Bilal
Income from property 650,000 Dividend 25,000
Dividend 40,000 Rent from Pr 500,000
Gain on private company shares 240000 Zakat 10000
(Sold after ayear)

Ahmad:
Income from business 400000
Donation to An NGO 35000