The income statement for the year ending 2003 shows the following figures: Sales = Rs 2,00,000  Cost of goods sold = Rs 1,20,000  Fixed operating cost = Rs 20,000  Interest payment = Rs 5,000  Taxes @...

The income statement for the year ending 2003 shows the following figures:

Sales = Rs 2,00,000

 Cost of goods sold = Rs 1,20,000

 Fixed operating cost = Rs 20,000

 Interest payment = Rs 5,000

 Taxes @ 30%

In 2004, sales are expected to rise to Rs 3,00,000. Find out the net profit based on proforma income statement and using percent-of-sales method.