Equity Share Issue and Income Tax Provisions

How many equity shares were issued by K Ltd?

What is the total advance payment of tax for the year ended 31st March 2017?

What was the determination of tax liability upon the completion of assessment on November 15, 2017?

What was the gross profit reported for the period ending September 30, 2017?

What is the commission rate assumed for the underwriting in K Ltd's share issue?

K Ltd issued 100,000 equity shares at par value of Rs. 10 each
A, B, and C underwrote the entire issue with allocations of 60,000, 30,000, and 10,000 shares respectively
Underwriters also applied for additional shares (A - 8,000, B - 10,000, C - 2,000)
The company received applications for 80,000 shares (A - 20,000, B - 14,000, C - 6,000)
A 2.5% commission rate is applied for underwriters' liability

Income Tax Provision - 31st March 2017

Income tax provision for the year ended 31st March 2017 was ₹50,00,000
Advance tax payment was ₹45,00,000
TDS on income earned was ₹46,000
Tax liability was determined at ₹58,40,000 after assessment on 15th November 2017

Income Tax Provision and Company Incorporation - 31st March 2018

Advance tax payment for the year ending 31st March 2018 was ₹62,00,000
Provision for taxation was ₹70,00,000
The firm operated as a sole proprietorship until January 1, 2017
The firm incorporated as a company on May 1, 2017
Financial statements were prepared up to September 30, 2017
Gross profit for the period was ₹56,000

This quiz covers the concepts of equity share issuance and underwriting, including calculations related to underwriters' liabilities and commission rates. Additionally, it explores income tax provisions relevant to financial year assessments for a business. Test your knowledge on these important finance topics!