The following receipts and payments accounts of an auditor are given below: Receipts Rs Payments Rs To Balance b/d160,000By Office salaries360,000To Audit fees890,000By Office expenses90,000To…

The following receipts and payments accounts of an auditor are given below: ReceiptsRsPayments****RsTo Balance b/d160,000By Office salaries360,000To Audit fees890,000By Office expenses90,000To Consultancy fees (net)510,000By Office rent120,000To Commission relating to audit work50,000By Purchase of office equipment (Bhadra)240,000To Interest on fixed deposit from NBL (net)10,000By Life insurance premium (self)35,000To Sale of old newspaper and journals4,000By Purchase of newspaper & journals8,000To Gift and presents from clients30,000By Income tax paid in advance10,000To Interest on govt. securities (net)15,000By Donation to tax exempt organization140,000To Dividend received (net)19,000By Purchase of stationery25,000To Lottery income20,000By Travelling expenses30,000By Miscellaneous expenses20,000By Domestic expenses80,000By Car expenses24,000By Balance c/d526,0001,708,000****1,708,000 Additional information: • 20 percent of car expenses were paid for personal purpose. • Office salaries include Rs. 10,000 paid to domestic servant. • 40 percent of donation was given to an organization which was not approved by IRD. • Half of domestic expenses were spent for general expenses of the office. • Allowable depreciation for the year was not shown in account. Required :a. Assessable (Net) income from profession b. Statement of taxable income c. Tor liabilit