The following balances were extracted from the books of XYZ LTD, a manufacturing firm in Ghana...
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The following balances were extracted from the books of XYZ LTD, a manufacturing firm in Ghana on December 31, 2021. Profit before tax . • Depreciation of furniture . . . . . Depreciation of motor vehicle Office rent per annum CEO's residential rent per annum DVLA fines . Cost of motor vehicle Cost of furniture Required: GH100,000 GH3,200- GH5,000 GH12,000 GH15,000 GH200 GH50,000 GH40,000 Compute the taxable profit • Compute the tax expense assuming previous year's tax outstanding was GH2,000 due to assessment difference. Total tax expense for the year The following balances were extracted from the books of XYZ LTD, a manufacturing firm in Ghana on December 31, 2021. Profit before tax . • Depreciation of furniture . . . . . Depreciation of motor vehicle Office rent per annum CEO's residential rent per annum DVLA fines . Cost of motor vehicle Cost of furniture Required: GH100,000 GH3,200- GH5,000 GH12,000 GH15,000 GH200 GH50,000 GH40,000 Compute the taxable profit • Compute the tax expense assuming previous year's tax outstanding was GH2,000 due to assessment difference. Total tax expense for the year
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I To compute the taxable profit we need to add back the nontaxable expenses to the p... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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