taxation question please answer with steps

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12.000 QUESTION Papa Kojo is a self-employed who paid all his taxes raised on him by the Ghana Revenge Authority without submitting any accounts. Adongo applied for a tax clearance certificate in the month of January, 2021 but the head of his Tax Office insisted that before the certificate will be issued, he should submit is accounts for 2020 assessment year for proper assessment. To this request, he obliged and had the following details from his Auditors for the year ended 31 December 2020, GH'000 GHe'000 Gross Profit 1.300.040 Express Depreciation 18,000 Light and heat Motor expenses 38.000 Rent & rates 11.200 Repair and renewals 25,280 Sundry expenses 17,000 Donations 45,280 Bad debts 56,000 Research and development 2,000 Advertisement 32,000 Staff salaries (fresh graduate GHS 2,110) 68,000 Total Expenses 324,300 Net profit 975.280 The following additional information were obtained from Mr. Adongo in response to queries raised on him by the inspector handling his file 1. Adongo and his wife live in a list that is situated above his shop, of the expenditure included in the profit and loss for light and heat, rent and rates, 30% relates to the flat 2. During the year ended 31 December 2020 Adongo drove a total of 150,000 km of which 80,000 km were for private journeys 3. The figure for repairs and renewals includes He8,600,000 being cost of new Air conditions for the shop during the year under review and GHe12.000.000 for decorating the private flat during the same period 4. Bad debt are as follows GHE Increase in general provision for Bad debts 35,000,000 Specific provision 6,000,000 Loan to Adongo's father written of 15.000.000 56.000.000 5. Donation: This is made up as follows: Donation to Ghana Black Stars 13,000,000 Donation during church harvest 10,000,000 Donation to Old Students Association 9,000,000 Donation to National Cathedral 13.280,000 45.280,000 S. 5. Donation: This is made up as follows: Donation to Ghana Black Stars Donation during church harvest Donation to Old Students Association Donation to National Cathedral 13,000,000 10,000,000 9,000,000 13.200.000 45.280,000 6. Research and development Included in this expenditure is an amount of Ghe 900,000 was spent on acquiring equipment for the purpose of the business 7. Staff salaries: The total workforce of Mr. Adongo is made up of twenty-five (25) existing employees and five (5) employees who are fresh graduates from a tertiary institution & Advertisement: this is made up as follows: GHE Permanent Neon Sign 12.000.000 Newspaper advertisement 8.000.000 Tax 12.000.000 12,000,000 9. During the year under review, Mr. Adongo look goods out of his shop for his personal use without paying for them. The cost of these goods was GH 20,560,000 which was recorded in the books and they had a selling price of GH30,500,000 10. Adongo received dividend of GH45.800.000 (net) from his investment with Consolidated Bank of Ghana. The amount was included in arriving at his Gross Profit 11. Capital allowance agreed amounted to GH4202,740 Required: a Calculate the chargeable income of Papa Kojo for the assessment year 31 December 2020. Assuming he has no other source of income, compute his tax liability for 2020 year assessment 2020 ANNUAL INCOME TAX RATES APPLICABLE TO RESIDENT INDIVIDUALS CHARGEABLE RATE TAX INCOME CUMULATIVE CUMULATIVE TAX CHARGEABLE INCOME GH % GIC GHE GHE F.28 Nil 3.28 Next 1,200 3 00 3.828 10 144 6,468 204 115 6.100 42.46% 6.504 Next 1,400 Next 36,000 Nel 197,532 Exceeding 240,000 25 49,383 240.000 55387 30 QUESTION Papa Key is a self-employed whir pada isterised on him by the Chan even Authority with submitting any con Ados applied for clearance indicate in the north of January, 2021 huilehel of Me Tox Omice inside that before the criticale will be the should mis his accounts for 2010 semen year for proper ent. To this request, he obliged and had the following details from his Auditions for the year ended December 2030, Gle' GHe on Gross Profit 1.300.040 Esponses Depreciation 18,000 Light and heat 12.000 Motor expenses 38.000 Rent & rates 11.200 Repair and renewals 25.280 Sundry expenses 17,000 Donations 45.280 Bad debts 56,000 Research and development 2,000 Advertisement 32,000 Staff salaries (fresh graduate GHS 2,110) Total Expenses 224,760 Net profit 975.280 Nur profit 175.21 The following litional information were obtained from Mr. Adongo is response to queries raised on him by the inspector andling his file Adongo and his wife live in a flat that is situated above his shop, of the expenditure included in the profit and loss for hight and heat, rent and rates, 30 relates to the flat 2. During the year ended 31 December 2020 Adongo drove a total of 150,000 km of which 80.000 km were for private joumeys. 3. The figure for repairs and renewals includes GH48,600,000 being cost of new Air conditions for the shop during the year under review and GH 12,000,000 for decorating the private flat during the same period 4. Bad debt are as follows: GH Increase in general provision for Bad dchts 35,000,000 Specific provision 6,000,000 Loan to Adongo's father written of 15.000.000 56.000.000 2. During the year ended 31 December 2020 Adonge drove a total of 150.000 km of which 80.000 km were for private journeys. 3. The figure for repairs and renewals includes GH48,600,000 being cost of new Air conditions for the shop during the year under review and GH12,000,000 for decorating the private flat during the same period. 4. Bad debt are as follows: GH Increase in general provision for Bad debts 35,000,000 Specific provision 6,000,000 Loan to Adongo's father written off 15,000,000 56.000.000 5. Donation: This is made up as follows: Donation to Ghana Black Stars 13,000,000 Donation during church harvest 10,000,000 Donation to Old Students Association 9,000,000 Donation to National Cathedral 13.280.000 45.280,000 12.000 QUESTION Papa Kojo is a self-employed who paid all his taxes raised on him by the Ghana Revenge Authority without submitting any accounts. Adongo applied for a tax clearance certificate in the month of January, 2021 but the head of his Tax Office insisted that before the certificate will be issued, he should submit is accounts for 2020 assessment year for proper assessment. To this request, he obliged and had the following details from his Auditors for the year ended 31 December 2020, GH'000 GHe'000 Gross Profit 1.300.040 Express Depreciation 18,000 Light and heat Motor expenses 38.000 Rent & rates 11.200 Repair and renewals 25,280 Sundry expenses 17,000 Donations 45,280 Bad debts 56,000 Research and development 2,000 Advertisement 32,000 Staff salaries (fresh graduate GHS 2,110) 68,000 Total Expenses 324,300 Net profit 975.280 The following additional information were obtained from Mr. Adongo in response to queries raised on him by the inspector handling his file 1. Adongo and his wife live in a list that is situated above his shop, of the expenditure included in the profit and loss for light and heat, rent and rates, 30% relates to the flat 2. During the year ended 31 December 2020 Adongo drove a total of 150,000 km of which 80,000 km were for private journeys 3. The figure for repairs and renewals includes He8,600,000 being cost of new Air conditions for the shop during the year under review and GHe12.000.000 for decorating the private flat during the same period 4. Bad debt are as follows GHE Increase in general provision for Bad debts 35,000,000 Specific provision 6,000,000 Loan to Adongo's father written of 15.000.000 56.000.000 5. Donation: This is made up as follows: Donation to Ghana Black Stars 13,000,000 Donation during church harvest 10,000,000 Donation to Old Students Association 9,000,000 Donation to National Cathedral 13.280,000 45.280,000 S. 5. Donation: This is made up as follows: Donation to Ghana Black Stars Donation during church harvest Donation to Old Students Association Donation to National Cathedral 13,000,000 10,000,000 9,000,000 13.200.000 45.280,000 6. Research and development Included in this expenditure is an amount of Ghe 900,000 was spent on acquiring equipment for the purpose of the business 7. Staff salaries: The total workforce of Mr. Adongo is made up of twenty-five (25) existing employees and five (5) employees who are fresh graduates from a tertiary institution & Advertisement: this is made up as follows: GHE Permanent Neon Sign 12.000.000 Newspaper advertisement 8.000.000 Tax 12.000.000 12,000,000 9. During the year under review, Mr. Adongo look goods out of his shop for his personal use without paying for them. The cost of these goods was GH 20,560,000 which was recorded in the books and they had a selling price of GH30,500,000 10. Adongo received dividend of GH45.800.000 (net) from his investment with Consolidated Bank of Ghana. The amount was included in arriving at his Gross Profit 11. Capital allowance agreed amounted to GH4202,740 Required: a Calculate the chargeable income of Papa Kojo for the assessment year 31 December 2020. Assuming he has no other source of income, compute his tax liability for 2020 year assessment 2020 ANNUAL INCOME TAX RATES APPLICABLE TO RESIDENT INDIVIDUALS CHARGEABLE RATE TAX INCOME CUMULATIVE CUMULATIVE TAX CHARGEABLE INCOME GH % GIC GHE GHE F.28 Nil 3.28 Next 1,200 3 00 3.828 10 144 6,468 204 115 6.100 42.46% 6.504 Next 1,400 Next 36,000 Nel 197,532 Exceeding 240,000 25 49,383 240.000 55387 30 QUESTION Papa Key is a self-employed whir pada isterised on him by the Chan even Authority with submitting any con Ados applied for clearance indicate in the north of January, 2021 huilehel of Me Tox Omice inside that before the criticale will be the should mis his accounts for 2010 semen year for proper ent. To this request, he obliged and had the following details from his Auditions for the year ended December 2030, Gle' GHe on Gross Profit 1.300.040 Esponses Depreciation 18,000 Light and heat 12.000 Motor expenses 38.000 Rent & rates 11.200 Repair and renewals 25.280 Sundry expenses 17,000 Donations 45.280 Bad debts 56,000 Research and development 2,000 Advertisement 32,000 Staff salaries (fresh graduate GHS 2,110) Total Expenses 224,760 Net profit 975.280 Nur profit 175.21 The following litional information were obtained from Mr. Adongo is response to queries raised on him by the inspector andling his file Adongo and his wife live in a flat that is situated above his shop, of the expenditure included in the profit and loss for hight and heat, rent and rates, 30 relates to the flat 2. During the year ended 31 December 2020 Adongo drove a total of 150,000 km of which 80.000 km were for private joumeys. 3. The figure for repairs and renewals includes GH48,600,000 being cost of new Air conditions for the shop during the year under review and GH 12,000,000 for decorating the private flat during the same period 4. Bad debt are as follows: GH Increase in general provision for Bad dchts 35,000,000 Specific provision 6,000,000 Loan to Adongo's father written of 15.000.000 56.000.000 2. During the year ended 31 December 2020 Adonge drove a total of 150.000 km of which 80.000 km were for private journeys. 3. The figure for repairs and renewals includes GH48,600,000 being cost of new Air conditions for the shop during the year under review and GH12,000,000 for decorating the private flat during the same period. 4. Bad debt are as follows: GH Increase in general provision for Bad debts 35,000,000 Specific provision 6,000,000 Loan to Adongo's father written off 15,000,000 56.000.000 5. Donation: This is made up as follows: Donation to Ghana Black Stars 13,000,000 Donation during church harvest 10,000,000 Donation to Old Students Association 9,000,000 Donation to National Cathedral 13.280.000 45.280,000