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WorksheetsProfits Prior To Incorporation
Total questions: 10
Worksheet time: 6mins
X Ltd. was incorporated on 1st April 2006, took over a running business, Y Ltd., from 1st January 2006 and it closed its accounts on 31st December 2006 what is the pre-incorporation period for X Ltd.
1 Jan 2006 to 31st March 2006
1 Jan 2006 to 30th April 2006
1 April 06 to 31st Dec 06
1.1.2006 to 31.12.2006
Ganesh Ltd., was registered on 01-07-1997 to acquire the running business of Suneel & Co., with effect from 1-1-97. Accounts of Ganesh Ltd. are closed on 31.12.1997. Find out post incorporation period.
Post incorporation period from 1-4-97 to 31-12-97 = 4 months
Post incorporation period from 1-7-97 to 31-12-97 = 6 months
Post incorporation period from 1-1-97 to 31-07-97 = 6 months
Post incorporation period from 1.1.97 to 30.9.97 = 6 months
Pankaj Mills Ltd., was incorporated on 31st July 1977 to purchase the business of Hema & Co., as on 1st April 1977. The books of accounts disclosed the following on 31st March 1978. Find out pre and post incorporation period
Pre incorporation period from 31.7.77 to 31.3.78
Pre incorporation period from 1.4.77 to 31.7.77 Post incorporation period from 31.7.77 to 31.3.78 = 8 months
Pre incorporation period from 31.7.77 to 31.3.78 Post incorporation period from 1.4.77 to 31.7.77
Post incorporation period from 31.7.77 to 31.3.78
A” Co. Ltd. was incorporated on May 1, 2008 to take over the business of “X & Co” as a going concern from January 1,2008. Books are closed on 31st Dec 2008 find out pre-incorporation period
Cannot say .
Pre incorporation period from 1.5.83 to 31.12.83
Pre incorporation period from 1.1.83 to 1.5.83
Post incorporation period from 1.5.83 to 31.12.83
Rent & Taxes should be allocated on basis of whcih ratio ?
Cannot say
Sales Ratio
REnt Ratio
Time Ratio
How must Preliminary Exp. be allocated between Pre and Post Incorporation periods ?
Sales Ratio
Time ratio
Fully put in Pre-Incorporation
Fully put in Post-Incorporation
A company was incorporated on 1st May 1984 acquiring the business of a sole trader with effect from 1st January 1984. The accounts of the company were closed for the first time on 30th September 1984. calculate Time RAtio
Time Ratio = 6:4
Time Ratio = 1:1
Time Ratio = 4:5
Time Ratio = 5:4
A Company was incorporated on 1st May, 1994 to take over a business from 1st January 1994. The accounts were made upto 31st December, 1994 Find out Time Ratio
Time Ratio = 4:8 or 1:2
Time Ratio = 8:4 or 2:1
Time Ratio = 1:3
Time Ratio = 1:4
Dep. on Machinery must be allocated on ____________ Ratio
Sales
Time
Both
Machinery ratio
Gross Profit must be divided between Pre and Post Incorporation period in ratio of ?
Cant Say
Profit
Sales
Time
