TRI-D has three production Departments - Extrusion, Machining and Finishing and a Service Department known as production services which for the Production Departments in the ratio of 3 2:1 The following which represent normal normal activity levels have been budgeted for the ending 31" December
Cost (In)
Extrusion
Machining
Finishing
Production Services
Total
Direct Wages
58,000
72,000
90,000
2,20,000
Direct Materials
40,000
29,000
15,000
84,000
Indirect Wages
15,000
21,000
8,000
58,000
1,02,000
Depreciation
84,000
Rent
22,000
Power
1,80,000
Personnel Department
Expenses
60,000
Insurance
48,000
Other Data:
Direct Labour Hours
7,250
9,000
15,000
31,250
Machine Hours
15,500
20,000
2,500
2,000
40,000
Floor Area (sqm)
800
1,200
1,000
1,400
4,400
Fixed Assets (P)-
1,60,000
1,40,000
30,000
70,000
Employees
40
56
94
50
240
1. Prepare an Overhead Analysis Sheet and calculate Overhead Absorption Rates for the production Departments.
2. The following data are available for the actual result of the Extrusion Department for the period. Actual Overheads ₹2,11,820, Actual Labour Hours = 7,380, Actual Machine Hours = 16,250.
Calculate the Under/Over Recovery of Overheads for the Extrusion Departmen
July 28, 2024
Mr. Dinesh aged 35 years and a tokic resident in India, has a total income of ₹ 4,80,000, comprising of long term capital gains taxable u/s 112. Compute his tax liability for A.Y.2024- 25. Assume assessee exercises the option of shifting out of the default tax regime provided u/s 115BAC(1A). [Ignore 115BAC
July 28, 2024