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Question 2 (Total 26 marks) Mr. Lee owns a property in Hong Kong. Mr. Lee let to Ms. Ho for one year commencing 1 January 2017 with a monthly rent HK\$20,000. Ms. Ho left the property without paying December 2017 rent to Mr. Lee. Mr. Lee then let the property to Mr. Ip for a four year period commencing 1 January 2018 . The consideration was a lump sum premium of HK$72,000 payable on 1 January 2018 and monthly rental of HK $20,000 payable in advance on the first day of each month. The outstanding rent from Ms. Ho was confirmed to be bad and irrecoverable by assessor on 1 April 2018. However, luckily that Ms. Ho willing to pay back the outstanding rent in full to Mr. Lee in May 2021. BHMH2123 Introduction to Auditing and Taxation Individual Assignment 1 2022/23 Sem 1 Required Compute the assessable value of the above property from the year of assessment 2017/18 to 2021/22 (Show your detailed calculations). (26 marks) Question 3 (Total 14 marks) Mr. Ng owns a flat in Hong Kong. He let on a two-year lease commencing on 1 June 2021 for a premium of HK$240,000, monthly rental of HK$20,000 and a monthly service fee of HK$1,500. Mr. Ng paid yearly rates of HK$5,500, government rent 3,500 and incurred HK$25,000 on essential repairs during March 2022 . The tenant has paid repairing fee HK$3,000 for Mr. Ng to repair the kitchen and Mr. Ng paid back HK$2,000 to the tenant. Required Compute the property tax payable for Mr. Ng for the year of assessment 2021/22. (Ignore rates concession and provisional tax) (14 marks) Question 2 (Total 26 marks) Mr. Lee owns a property in Hong Kong. Mr. Lee let to Ms. Ho for one year commencing 1 January 2017 with a monthly rent HK\$20,000. Ms. Ho left the property without paying December 2017 rent to Mr. Lee. Mr. Lee then let the property to Mr. Ip for a four year period commencing 1 January 2018 . The consideration was a lump sum premium of HK$72,000 payable on 1 January 2018 and monthly rental of HK $20,000 payable in advance on the first day of each month. The outstanding rent from Ms. Ho was confirmed to be bad and irrecoverable by assessor on 1 April 2018. However, luckily that Ms. Ho willing to pay back the outstanding rent in full to Mr. Lee in May 2021. BHMH2123 Introduction to Auditing and Taxation Individual Assignment 1 2022/23 Sem 1 Required Compute the assessable value of the above property from the year of assessment 2017/18 to 2021/22 (Show your detailed calculations). (26 marks) Question 3 (Total 14 marks) Mr. Ng owns a flat in Hong Kong. He let on a two-year lease commencing on 1 June 2021 for a premium of HK$240,000, monthly rental of HK$20,000 and a monthly service fee of HK$1,500. Mr. Ng paid yearly rates of HK$5,500, government rent 3,500 and incurred HK$25,000 on essential repairs during March 2022 . The tenant has paid repairing fee HK$3,000 for Mr. Ng to repair the kitchen and Mr. Ng paid back HK$2,000 to the tenant. Required Compute the property tax payable for Mr. Ng for the year of assessment 2021/22. (Ignore rates concession and provisional tax) (14 marks)