For the financial years 2001-02, 2002-03 and 2003-04 the amount of available surplus allocable as bonus to all employees of the company were Rs. 6,35,000, Rs. 2,20,000 and Rs. 3,75,000 respectively. Maximum amount of bonus payable to all employee of the company as per the Payment of Bonus Act, 1965 is Rs. 2,50,000 for each of the said years. In terms of the provisions of the said Act calculate the amount a company can pay as bonus to its employees, the amount set on in such year and the cumulative set on amount at the end of the year 2003-04.
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In the year 2001-02 the company can pay a bonus of Rs.250000 and in the year 2002-03 also the company can pay the maximum bonus of Rs.250000 as there is a set on of Rs.285000 and in the year 2003-04 the company can pay the maximum bonus of Rs.250000.
The cumulative set on amount at the end of 2003-04 is
635000-250000-30000+75000=330000
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