A company was incorporated on 1^st May 1994 to take over a business as a going concern from 1^st January of the same year. The turnover for the year ended 31^st December was ₹2,00,000, namely ₹60,000 for the first period upto 1st May and ₹1,40,000 for the following period. From the profit and loss account given below for the year ended 31^st December 1994, you are required to ascertain profits prior to incorporation.

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Particulars To Rent and Rates To Insurance To Lighting To Salaries To Director's Fees To Sales Discount To Sales Commission To General Expenses To Carriage Outward To Bank Charges To Repairs To Bad Debts To Loan Interest To Net Profit 3,240 720 2,040 7,800 2,000 5,000 10,000 2,400 3,000 420 1,380 600 1,200 30,200 70,000 Particulars By Gross Profit 70,000 70,000