(Calculation of maximum remuneration where there is a managing director)

From the following particulars of G.G. Ltd. calculate the maximum remuneration payable to the managing director and other part time directors of the company:

 

Rs

 Net Profit before provision for income tax and managerial  

 

 remuneration, but after depreciation and provision for repairs  

 86,84,100  

 Depreciation provided in the books  

 32,00,000  

 Repairs for machinery provided for during the year  

 2,50,000  

 Actual expenditure incurred on repairs during the year  

 1,50,000