Mrs. Omwenga works with Abaa Ltd and has provided you with the following information from the year
Question:
Mrs. Omwenga works with Abaa Ltd and has provided you with the following
information from the year ended 31 December 2007.
Pension from previous employment Shs. 20,000 per month.
Salary Shs. 120,000 per month (P.A.Y.E SHS. 42,000 per month)
Mrs. Omwenga and her husband own a company whose taxable income was agreed at
Shs.
500,000 after charging husband's salary of Shs. 250,000 per month (P.A.Y.E Shs.
60,000 per month).
Abaa Ltd. provided a company house to Mrs. Omwenga in South B where rent of
similar houses was Shs.20,000 per month.
Mrs. Omwenga works over-time and her over-time income averages Shs.10,000 per
month.
Mrs. Omwenga enjoyed medical benefit of Shs. 160,000 during the year. Shse is a senior
manager and the company has medical cover for all its employees.
She obtained free consumables from the company as a Christmas gift worth Shs.30,000
during the year.
Mrs. Omwenga owns rental property at Runda Estate and receives Shs.50,000 as rental income
per month. During the year, She incurred Shs.60,000 in renovations, repairs and painting
before letting the property. She had obtained a mortgage loan from Housing Finance Company
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer