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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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Replies to This Discussion

please try it

I need handouts first

how to calculate business and agricultural income? 

please mention formulas ...

Business income = revenue - expenses

In assignment, it is not mentioned that at what price agriculture produces could be sold?
it is a problem for calculation of agricultural income... either should we take agriculture expenses as agricultural income or not????
please help... 

Yes Arslan

Normally agar aap khud farming kr ke manufacturing kr rahay hotay hen to to farming output pe market rate apply kr ke income calculate kr li jaati hai.

pata nahi kaya twist hai iss assignment men 

is me kio formula use to ni hona yar.????? just compute business and agri income.

All expenses incurred in acquiring or maintaining agricultural income are deductible, inter alia:

  • cash wages paid to those who work on the farm;
  • expenses for acquisition of seeds, fertilizers, soil improvement and plant, protection compounds, fodder, fuels and lubricants as well as electrical power for use on the farm;
  • expenses for acquisition of livestock for use on the farm;
  • expenses for acquisition and renovation of buildings and constructions on the farm, machines, tools and appliances used on the farm, as well as for pipe draining, bridges, dams and similar equipment;
  • expenses for livestock inspections, veterinary medicine services, soil fertility analyses, etc.;
  • insurance premiums paid for buildings and other agricultural assets on the farm;
  • expenses for repair and maintenance of buildings and construction on the farm, as well as machines, tools, appliances, ditches, bridges, fences, roads, etc. used on the farm;
  • expenses for lighting and heating, etc. in buildings on the farm;
  • the stumpage value of timber from the farm's own forest for use on the farm for purposes other than construction and repair of buildings and constructions used in farm production;
  • rents and other compensations for agricultural land, buildings, machines, tools and appliances as well as other production equipment;
  • the part not written off in taxation of the acquisition expense for property transferred by the taxpayer to agriculture from another income source, or such higher amount which has been deemed to be the taxable sales price in that income source;
  • real estate tax, to the extent that it pertains to property used on the farm.

 i think  business income is                          11,250,000


add Purchases from the market                   2,250,000


Expenses on agriculture    1,500,000
Manufacturing expenses 1,125,000
Selling expenses 750,000
Financial expenses 375,000
Administrative expenses 1,275,000

total                                          = 5,025,000

                                                 business income   8,475,000.00

for agriculture income

Sales of goods manufactured                Rs. 11,250,000


Expenses on agriculture    1,500,000
Manufacturing expenses 1,125,000
Selling expenses 750,000
Financial expenses 375,000
Administrative expenses 1,275,000

total                                          = 5,025,000

                                                 = 6,225,000

pz tell me is it right?

agriculture me selling fainancail admin expense ni ATY just business k lia use hoty hain

maira khiyal hay ahty hn aik tu wo land uski apni hay dousra wo manufacturing company b chela rha hy tu ahien gay plz yar ah k discuss kerun 


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