The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs 50,000 and Rs 65,000. If taxed paid during the current year amounted to Rs 70,000 then amount charge from Profit and Loss Account will be:

A. Rs 55,000

B. Rs 85,000

C. Rs 45,000

D. Rs 1,85,000

Answer: Option B

Solution(By Examveda Team)

Amount charged from profit and loss account
= Rs. 70000 + Rs. 65000 - Rs. 50000
= Rs. 85000.