CA CPT Model Test Paper 3 with solutions for online practice

Mohan purchased goods for Rs.15,00,000 and sold $\frac{4}{5}$ th of the goods amounting Rs.18,00,000 and paid expenses amounting Rs.2,70,000 during the year, 2009. He paid Rs. 5000 for an electricity bill of Dec. 2008 and advance salaries amounting Rs. 15,000 was paid for the month of Jan. 2010. He counted net profit as Rs.3,50,000.
The profit calculated by him is correct according to