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Spring%202014_FIN623_1.pdfAfter going through this assignment, the students should be able to:

1. Differentiate agricultural and non-agricultural income
2. Calculate the total agricultural and business income
Nasir Foods Limited is famous for its food products. The company is engaged in both agricultural as well as industrial
activities. It has its own farms where fruits, tomatoes, etc., are cultivated. These items along with those purchased from
the market are used in manufacturing Ketchup, Jams, Jelly and Marmalade. Following information is available for the
tax year 2014.

Sales of goods manufactured Rs. 11,250,000
Expenses on agriculture 1,500,000
Purchases from the market 2,250,000
Manufacturing expenses 1,125,000
Selling expenses 750,000
Financial expenses 375,000
Administrative expenses 1,275,000

Compute the business and the agricultural income from the above information for the tax year ended 30th June, 2014:

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