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Sir,
I request you to please solve my problem as given below-
One Corporate is having Manufacturing unit and Trading
unit also. That corporate prepared joint Balance sheet
& Profit & Loss account. As given below -
Corporate
1
2
Manufacturing Unit
Trading Division
Annual Profit by sale of product
Annual profit by sale of Product
Manufactured with the help of
out sourced from open market for
Fixed Assets ( Land,Building,Plant & Rs.150
Crs and sold for Rs.200Crs.
Machineries of Rs.100 Crs.
Net Profit – Rs. 5 Crs.
Net Profit -Rs. 50 Crs.
Total Income by clubbing both - Rs.55 Crs.
But –
that Corporate can avail depreciation Rs. 5 Crs only and
rest amount of
depreciation may be forwarded to next year.
Because depreciation is meant for
actual uses of Fixed assets. Otherwise Corporate
used to increase the value of
assets by over billing just to get benefit of
depreciation from the income .
Income from trading may be manipulated easily but
not from manufacturing.
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