Shiva and Bishnu working in partnership registered a Joint Stock Company under the name of "Om Bishnu Ltd" on 1st September, 2016 to take over their existing business with effect from 1st April, 2016. (all figures in rupees)Sales for the year totalled ₹ 2,25,000, out of which ₹ 1,50,000 related to the period from 1st September, 2016, to 31st March, 2017. Prepare a statement apportioning the profits between post- and pre- incorporation period indicating your basis of allocation.

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Profit & Loss Account for the year ended 31.03.2017 10,000 By Gross Profit b/d 5,000 2,000 Dr. To Salaries & wages To Debentures interest To Depreciation To Interest on purchase consideration (upto 30.9.2016) To Selling commission To Director's fees To Preliminery expenses written-off To Provision for taxes To Dividend on equity shares @ 5% To Balance carried down 10,800 12,000 800 1,000 5,000 6,000 31,400 84,000 Cr. 84,000 84,000