PROBLEM 9 Determine the maximum remuneration payable to the part-time directors and manager of B Ltd. (a manufacturing company) under sections 309 and 387 of the Companies Act, 1956 from the following particulars : Before charging any such remuneration, the Profit and Loss Account showed a credit balance of 7 23,10,000 for the year ended 31st March, 2010 after taking into account the following matters : (1) Capital expenditure 5,25,000 (ii) Subsidy received from Government 4,20,000 (ii) Special depreciation 70,000 (iv) Multiple shift allowance 1,05,000 (v) Bonus to foreign technicians 3,15,000 (vi) Provision for taxation 28,00,000 (vi) Compensation paid to injured workman 70,000 (viii) Ex-gratia to an employee (without liability) 35,000 (ir) Loss on sale of fixed assets 70,000 (x) Profit on sale of investment 2,10,000 Company is providing depreciation as per section 350 of the Companies Act, 1956