Yutong (K) ltd which is a micro-enterprise has presented the following income particulars for the year “2022”;

	Ksh ‘000’
Sales	7,379,600
Purchases	3,193,900
Closing stock	570,000
Interest from Loan Stocks held in Singapore	123,120
Discount received	101,650
Dividend from EABL (K) ltd	509,200
Operating expenses –allowable	3,496,000
Depreciation	228,000
Finance cost	372,400

Additional information:

1. The closing stock above is undervalued by 20%. The opening stock was ksh. 285,000

Required:

Calculate the taxable income for company for the year “2022”.

Answer rating: 100% (QA)

Calculation of Taxable Income for the Year 2022 Sales 7379600 Less Purchases 3193900 Gross profit 41... View the full answer