ABC (Pvt) Ltd. reported a net profit before tax of Rs. 39,994,000 for the year ended 31 March 2019. Various adjustments were made to arrive at taxable business income of Rs. 25,180,200 and taxable investment income of Rs. 2,770,000, resulting in total assessable income of Rs. 27,950,200. After deducting tax credits of Rs. 5,209,750, the company had a balance tax payable of Rs. 1,516,722 for the year of assessment 2018/19.
This document provides information and instructions for three accounting illustrations involving the preparation of financial statements.
Illustration one provides the trial balance and additional information for Teejay Top Nigeria Plc and requires preparing statements of profit or loss, changes in equity, and financial position. Illustration two similarly provides the trial balance and information for Lawanson PLC to prepare a statement of profit or loss. Illustration three provides the trial balance and additional information for Baraje Nigeria PLC to prepare statements of comprehensive income, changes in equity, and financial position.
This document provides income information for multiple domestic companies and cooperative societies. It includes line items such as profits, donations, capital gains, interest income, and book profits. The assistant is asked to compute the taxable income and tax liability for each entity based on the information provided.
(1) The document provides instructions for an accounting technician examination on taxation. It outlines the structure of the exam, including the number and types of questions, time allowed, and materials provided.
(2) Section A requires candidates to answer two compulsory questions relating to the computation of taxable income and tax payable for various entities and transactions.
(3) Section B requires candidates to answer three of five questions covering a range of taxation topics, including capital allowances, foreign exchange gains/losses, VAT, fringe benefits tax, and the differences between direct and indirect taxes.
This document outlines the structure and requirements of a financial accounting exam. It includes 7 questions that assess understanding of accounting concepts like the bases of accounting, true and fair view, not-for-profit entities, substance over form, and accounting standards. It also includes 4 case studies requiring the application of IFRS/IAS standards to issues like asset revaluation, land sales, foreign exchange gains/losses, and consolidated financial statements. The final section provides incomplete financial records for a company and requires the candidate to prepare full financial statements in accordance with accounting principles.
This document contains three case studies related to International Accounting Standards:
1. Provides financial information for Flour Mills Nigeria PLC and requires preparation of financial statements in accordance with IAS 1.
2. Asks about accounting policy selection under IAS 8 and evaluates changes to accounting estimates and policies.
3. Provides financial statements for Pinto and asks to prepare a statement of cash flows for the year ended March 31, 2008 in accordance with IAS 7 using supporting information provided.
This document provides information about fund flow statements and cash flow statements. It includes sample profit and loss statements and balance sheets. It asks the reader to calculate cash flow from operating activities based on the information provided, and to state how various transactions should be reported in a cash flow statement. It also provides additional financial information and asks the reader to calculate sources and uses of funds or prepare cash flow statements based on the information given.
ATHLETE WEAR COMPANY CASE STUDY (75 Marks) Athlete Wear Co. is an Irish sports clothing manufacturer for elite amateur and professional athletes. It has recently seen a decline in profitability owing to increased competition from low cost mass production manufacturers and has been outbid for contracts as official clothing supplier for three major international and domestic sporting events. As a result, Athlete Wear is faced with having to suspend its operations immediately unless it can find alternative markets to ensure the business can r
This document provides instructions for an examination on principles of taxation. It outlines:
1) There are 7 questions divided into 2 sections, with both questions in Section A and 3 questions from Section B to be answered. Each question is worth 20 marks.
2) Calculators are allowed. Reference materials including tax rates and capital allowance rates are provided.
3) Answers must begin on a fresh page and the paper is not to be opened until instructed by the invigilator. The paper contains 12 pages in total.
This document provides information and instructions for three accounting illustrations involving the preparation of financial statements.
Illustration one provides the trial balance and additional information for Teejay Top Nigeria Plc and requires preparing statements of profit or loss, changes in equity, and financial position. Illustration two similarly provides the trial balance and information for Lawanson PLC to prepare a statement of profit or loss. Illustration three provides the trial balance and additional information for Baraje Nigeria PLC to prepare statements of comprehensive income, changes in equity, and financial position.
This document provides income information for multiple domestic companies and cooperative societies. It includes line items such as profits, donations, capital gains, interest income, and book profits. The assistant is asked to compute the taxable income and tax liability for each entity based on the information provided.
(1) The document provides instructions for an accounting technician examination on taxation. It outlines the structure of the exam, including the number and types of questions, time allowed, and materials provided.
(2) Section A requires candidates to answer two compulsory questions relating to the computation of taxable income and tax payable for various entities and transactions.
(3) Section B requires candidates to answer three of five questions covering a range of taxation topics, including capital allowances, foreign exchange gains/losses, VAT, fringe benefits tax, and the differences between direct and indirect taxes.
This document outlines the structure and requirements of a financial accounting exam. It includes 7 questions that assess understanding of accounting concepts like the bases of accounting, true and fair view, not-for-profit entities, substance over form, and accounting standards. It also includes 4 case studies requiring the application of IFRS/IAS standards to issues like asset revaluation, land sales, foreign exchange gains/losses, and consolidated financial statements. The final section provides incomplete financial records for a company and requires the candidate to prepare full financial statements in accordance with accounting principles.
This document contains three case studies related to International Accounting Standards:
1. Provides financial information for Flour Mills Nigeria PLC and requires preparation of financial statements in accordance with IAS 1.
2. Asks about accounting policy selection under IAS 8 and evaluates changes to accounting estimates and policies.
3. Provides financial statements for Pinto and asks to prepare a statement of cash flows for the year ended March 31, 2008 in accordance with IAS 7 using supporting information provided.
This document provides information about fund flow statements and cash flow statements. It includes sample profit and loss statements and balance sheets. It asks the reader to calculate cash flow from operating activities based on the information provided, and to state how various transactions should be reported in a cash flow statement. It also provides additional financial information and asks the reader to calculate sources and uses of funds or prepare cash flow statements based on the information given.
ATHLETE WEAR COMPANY CASE STUDY (75 Marks) Athlete Wear Co. is an Irish sports clothing manufacturer for elite amateur and professional athletes. It has recently seen a decline in profitability owing to increased competition from low cost mass production manufacturers and has been outbid for contracts as official clothing supplier for three major international and domestic sporting events. As a result, Athlete Wear is faced with having to suspend its operations immediately unless it can find alternative markets to ensure the business can r
This document provides instructions for an examination on principles of taxation. It outlines:
1) There are 7 questions divided into 2 sections, with both questions in Section A and 3 questions from Section B to be answered. Each question is worth 20 marks.
2) Calculators are allowed. Reference materials including tax rates and capital allowance rates are provided.
3) Answers must begin on a fresh page and the paper is not to be opened until instructed by the invigilator. The paper contains 12 pages in total.
The document provides financial information for multiple companies, including income statements, balance sheets, and additional notes. It asks to prepare cash flow statements for the companies using the indirect or direct method. Key details include net profits, asset purchases and sales, debt repayments, dividend payments, and changes in working capital accounts. Cash flow statements are to be prepared in a standard format with sections for operating, investing, and financing cash flows.
The document discusses corporate financial statements and share capital of companies. It provides definitions of various types of share capital including authorized, issued, subscribed, called up and paid up capital. It also gives an example to illustrate how these various share capital amounts would be presented in the balance sheet of a company. The key types of financial statements for companies are also summarized - balance sheet, statement of profit and loss, statement of changes in equity and statement of cash flows.
The document is a 4 page exam for a Financial Accounting course. It includes 4 questions assessing understanding of concepts like provisions, contingencies, property plant and equipment, consolidated financial statements, and cash flow statements. Question 1 has multiple parts asking about inventory write downs, provisions, and contingencies. Question 2 covers measurement bases, property exchanges, and consolidated financial statements. Question 3 requires preparation of a cash flow statement and reconciliation. Question 4 requires preparation of a consolidated balance sheet from provided company balance sheets.
2014 Balance SheetThe Walt Disney Company (DIS) - ServicesPeriod E.docxeugeniadean34240
2014 Balance SheetThe Walt Disney Company (DIS) - ServicesPeriod Ending3-Oct-1527-Sep-1428-Sep-13AssetsCurrent AssetsCash And Cash Equivalents4,269,000 3,421,000 3,931,000 Short Term Investments- - - Net Receivables8,786,000 8,319,000 7,452,000 Inventory1,571,000 1,574,000 1,487,000 Other Current Assets2,132,000 1,855,000 1,239,000 Total Current Assets16,758,000 15,169,000 14,109,000 Long Term Investments2,643,000 2,696,000 2,849,000 Property Plant and Equipment25,179,000 23,332,000 22,380,000 Goodwill27,826,000 27,881,000 27,324,000 Intangible Assets7,172,000 7,434,000 7,370,000 Accumulated Amortization- - - Other Assets8,604,000 7,629,000 7,209,000 Deferred Long Term Asset Charges- - - Total Assets88,182,000 84,141,000 81,241,000 LiabilitiesCurrent LiabilitiesAccounts Payable7,844,000 7,595,000 6,803,000 Short/Current Long Term Debt4,563,000 2,164,000 1,512,000 Other Current Liabilities3,927,000 3,533,000 3,389,000 Total Current Liabilities16,334,000 13,292,000 11,704,000 Long Term Debt12,773,000 12,631,000 12,776,000 Other Liabilities6,369,000 5,942,000 4,561,000 Deferred Long Term Liability Charges4,051,000 4,098,000 4,050,000 Minority Interest4,130,000 3,220,000 2,721,000 Negative Goodwill- - - Total Liabilities43,657,000 39,183,000 35,812,000 Stockholders' EquityMisc Stocks Options Warrants- - - Redeemable Preferred Stock- - - Preferred Stock- - - Common Stock35,122,000 34,301,000 33,440,000 Retained Earnings59,028,000 53,734,000 47,758,000 Treasury Stock-47,204,000-41,109,000-34,582,000Capital Surplus- - - Other Stockholder Equity-2,421,000-1,968,000-1,187,000Total Stockholder Equity44,525,000 44,958,000 45,429,000 Net Tangible Assets9,527,000 9,643,000 10,735,000Reference:Yahoo! Inc. (2015, December 20). Yahoo! Finance. Retrieved from http://finance.yahoo.com/http://finance.yahoo.com/q/bs?s=DIS+Balance+Sheet&annual
2014 Cash FlowThe Walt Disney Company (DIS) - ServicesPeriod Ending3-Oct-1527-Sep-1428-Sep-13Net Income8,382,000 7,501,000 6,136,000 Operating Activities, Cash Flows Provided By or Used InDepreciation2,354,000 2,288,000 2,192,000 Adjustments To Net Income-426,000-240,000521,000 Changes In Accounts Receivables-211,000-480,000-374,000Changes In Liabilities305,000 440,000 456,000 Changes In Inventories1,000 -81,00051,000 Changes In Other Operating Activities34,000 -151,000-30,000Total Cash Flow From Operating Activities10,909,000 9,780,000 9,452,000 Investing Activities, Cash Flows Provided By or Used InCapital Expenditures-4,265,000-3,311,000-2,796,000Investments166,000 395,000 479,000 Other Cash flows from Investing Activities-146,000-429,000-2,359,000Total Cash Flows From Investing Activities-4,245,000-3,345,000-4,676,000Financing Activities, Cash Flows Provided By or Used InDividends Paid-3,063,000-1,508,000-1,324,000Sale Purchase of Stock-4,754,000-5,515,000-2,995,000Net Borrowings2,705,000 633,000 379,000 .
This document provides instructions and information for an accounting assessment for the Accounting 1B course at the Department of Accountancy. It includes details on the assessment such as the date, time, marks allocation, and instructions that students must follow. The assessment consists of 4 questions covering different accounting topics like provisions, cash flows, profit or loss, and financial position. Each question provides additional context and instructions on what is required. Supporting information is also provided for some of the questions like extracts from trial balances and additional notes.
- The document is the financial statements of the Credit Information Corporation for the years ending December 31, 2019 and 2018.
- It includes statements of financial position, financial performance, changes in equity, cash flows, and notes to the financial statements providing details on accounting policies and line items.
- The financial position as of December 31, 2019 shows total assets of P162.4 million, total liabilities of P29.5 million, and total net assets/equity of P132.9 million.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Final ank Satta Matka Dpbos Final ank Satta Matta Matka 143 Kalyan Matka Guessing Final Matka Final ank Today Matka 420 Satta Batta Satta 143 Kalyan Chart Main Bazar Chart vip Matka Guessing Dpboss 143 Guessing Kalyan night
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This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
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Every industrial revolution has created a new set of categories and a new set of players.
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Dive into this presentation and learn about the ways in which you can buy an engagement ring. This guide will help you choose the perfect engagement rings for women.
Discover innovative uses of Revit in urban planning and design, enhancing city landscapes with advanced architectural solutions. Understand how architectural firms are using Revit to transform how processes and outcomes within urban planning and design fields look. They are supplementing work and putting in value through speed and imagination that the architects and planners are placing into composing progressive urban areas that are not only colorful but also pragmatic.
Garments ERP Software in Bangladesh _ Pridesys IT Ltd.pdfPridesys IT Ltd.
Pridesys Garments ERP is one of the leading ERP solution provider, especially for Garments industries which is integrated with
different modules that cover all the aspects of your Garments Business. This solution supports multi-currency and multi-location
based operations. It aims at keeping track of all the activities including receiving an order from buyer, costing of order, resource
planning, procurement of raw materials, production management, inventory management, import-export process, order
reconciliation process etc. It’s also integrated with other modules of Pridesys ERP including finance, accounts, HR, supply-chain etc.
With this automated solution you can easily track your business activities and entire operations of your garments manufacturing
proces
The document provides financial information for multiple companies, including income statements, balance sheets, and additional notes. It asks to prepare cash flow statements for the companies using the indirect or direct method. Key details include net profits, asset purchases and sales, debt repayments, dividend payments, and changes in working capital accounts. Cash flow statements are to be prepared in a standard format with sections for operating, investing, and financing cash flows.
The document discusses corporate financial statements and share capital of companies. It provides definitions of various types of share capital including authorized, issued, subscribed, called up and paid up capital. It also gives an example to illustrate how these various share capital amounts would be presented in the balance sheet of a company. The key types of financial statements for companies are also summarized - balance sheet, statement of profit and loss, statement of changes in equity and statement of cash flows.
The document is a 4 page exam for a Financial Accounting course. It includes 4 questions assessing understanding of concepts like provisions, contingencies, property plant and equipment, consolidated financial statements, and cash flow statements. Question 1 has multiple parts asking about inventory write downs, provisions, and contingencies. Question 2 covers measurement bases, property exchanges, and consolidated financial statements. Question 3 requires preparation of a cash flow statement and reconciliation. Question 4 requires preparation of a consolidated balance sheet from provided company balance sheets.
2014 Balance SheetThe Walt Disney Company (DIS) - ServicesPeriod E.docxeugeniadean34240
2014 Balance SheetThe Walt Disney Company (DIS) - ServicesPeriod Ending3-Oct-1527-Sep-1428-Sep-13AssetsCurrent AssetsCash And Cash Equivalents4,269,000 3,421,000 3,931,000 Short Term Investments- - - Net Receivables8,786,000 8,319,000 7,452,000 Inventory1,571,000 1,574,000 1,487,000 Other Current Assets2,132,000 1,855,000 1,239,000 Total Current Assets16,758,000 15,169,000 14,109,000 Long Term Investments2,643,000 2,696,000 2,849,000 Property Plant and Equipment25,179,000 23,332,000 22,380,000 Goodwill27,826,000 27,881,000 27,324,000 Intangible Assets7,172,000 7,434,000 7,370,000 Accumulated Amortization- - - Other Assets8,604,000 7,629,000 7,209,000 Deferred Long Term Asset Charges- - - Total Assets88,182,000 84,141,000 81,241,000 LiabilitiesCurrent LiabilitiesAccounts Payable7,844,000 7,595,000 6,803,000 Short/Current Long Term Debt4,563,000 2,164,000 1,512,000 Other Current Liabilities3,927,000 3,533,000 3,389,000 Total Current Liabilities16,334,000 13,292,000 11,704,000 Long Term Debt12,773,000 12,631,000 12,776,000 Other Liabilities6,369,000 5,942,000 4,561,000 Deferred Long Term Liability Charges4,051,000 4,098,000 4,050,000 Minority Interest4,130,000 3,220,000 2,721,000 Negative Goodwill- - - Total Liabilities43,657,000 39,183,000 35,812,000 Stockholders' EquityMisc Stocks Options Warrants- - - Redeemable Preferred Stock- - - Preferred Stock- - - Common Stock35,122,000 34,301,000 33,440,000 Retained Earnings59,028,000 53,734,000 47,758,000 Treasury Stock-47,204,000-41,109,000-34,582,000Capital Surplus- - - Other Stockholder Equity-2,421,000-1,968,000-1,187,000Total Stockholder Equity44,525,000 44,958,000 45,429,000 Net Tangible Assets9,527,000 9,643,000 10,735,000Reference:Yahoo! Inc. (2015, December 20). Yahoo! Finance. Retrieved from http://finance.yahoo.com/http://finance.yahoo.com/q/bs?s=DIS+Balance+Sheet&annual
2014 Cash FlowThe Walt Disney Company (DIS) - ServicesPeriod Ending3-Oct-1527-Sep-1428-Sep-13Net Income8,382,000 7,501,000 6,136,000 Operating Activities, Cash Flows Provided By or Used InDepreciation2,354,000 2,288,000 2,192,000 Adjustments To Net Income-426,000-240,000521,000 Changes In Accounts Receivables-211,000-480,000-374,000Changes In Liabilities305,000 440,000 456,000 Changes In Inventories1,000 -81,00051,000 Changes In Other Operating Activities34,000 -151,000-30,000Total Cash Flow From Operating Activities10,909,000 9,780,000 9,452,000 Investing Activities, Cash Flows Provided By or Used InCapital Expenditures-4,265,000-3,311,000-2,796,000Investments166,000 395,000 479,000 Other Cash flows from Investing Activities-146,000-429,000-2,359,000Total Cash Flows From Investing Activities-4,245,000-3,345,000-4,676,000Financing Activities, Cash Flows Provided By or Used InDividends Paid-3,063,000-1,508,000-1,324,000Sale Purchase of Stock-4,754,000-5,515,000-2,995,000Net Borrowings2,705,000 633,000 379,000 .
This document provides instructions and information for an accounting assessment for the Accounting 1B course at the Department of Accountancy. It includes details on the assessment such as the date, time, marks allocation, and instructions that students must follow. The assessment consists of 4 questions covering different accounting topics like provisions, cash flows, profit or loss, and financial position. Each question provides additional context and instructions on what is required. Supporting information is also provided for some of the questions like extracts from trial balances and additional notes.
- The document is the financial statements of the Credit Information Corporation for the years ending December 31, 2019 and 2018.
- It includes statements of financial position, financial performance, changes in equity, cash flows, and notes to the financial statements providing details on accounting policies and line items.
- The financial position as of December 31, 2019 shows total assets of P162.4 million, total liabilities of P29.5 million, and total net assets/equity of P132.9 million.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Final ank Satta Matka Dpbos Final ank Satta Matta Matka 143 Kalyan Matka Guessing Final Matka Final ank Today Matka 420 Satta Batta Satta 143 Kalyan Chart Main Bazar Chart vip Matka Guessing Dpboss 143 Guessing Kalyan night
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Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
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Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Dive into this presentation and learn about the ways in which you can buy an engagement ring. This guide will help you choose the perfect engagement rings for women.
Discover innovative uses of Revit in urban planning and design, enhancing city landscapes with advanced architectural solutions. Understand how architectural firms are using Revit to transform how processes and outcomes within urban planning and design fields look. They are supplementing work and putting in value through speed and imagination that the architects and planners are placing into composing progressive urban areas that are not only colorful but also pragmatic.
Garments ERP Software in Bangladesh _ Pridesys IT Ltd.pdfPridesys IT Ltd.
Pridesys Garments ERP is one of the leading ERP solution provider, especially for Garments industries which is integrated with
different modules that cover all the aspects of your Garments Business. This solution supports multi-currency and multi-location
based operations. It aims at keeping track of all the activities including receiving an order from buyer, costing of order, resource
planning, procurement of raw materials, production management, inventory management, import-export process, order
reconciliation process etc. It’s also integrated with other modules of Pridesys ERP including finance, accounts, HR, supply-chain etc.
With this automated solution you can easily track your business activities and entire operations of your garments manufacturing
proces
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HR search is critical to a company's success because it ensures the correct people are in place. HR search integrates workforce capabilities with company goals by painstakingly identifying, screening, and employing qualified candidates, supporting innovation, productivity, and growth. Efficient talent acquisition improves teamwork while encouraging collaboration. Also, it reduces turnover, saves money, and ensures consistency. Furthermore, HR search discovers and develops leadership potential, resulting in a strong pipeline of future leaders. Finally, this strategic approach to recruitment enables businesses to respond to market changes, beat competitors, and achieve long-term success.
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1. All Rights Reserved
ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA
(AA35) CORPORATE AND PERSONAL TAXATION
As per New Inland Revenue No. 24 of 2017
ABC (Pvt) Ltd., is a resident company incorporated in 2000, engaged in manufacturing coconut fibre
related products. As at 31st
March 2019, issued share capital and total reserves of the company were
Rs.12,000,000/- and Rs.1,850,000/- respectively.
The summarized income statement of ABC (Pvt) Ltd. for the year ending 31st
March 2019 is given
below:
Note Rs.'000
Revenue - exports 632,000
- local sales 84,000
716,000
Cost of sales (486,000)
Gross profit 230,000
Other income 1 6,598
Administration expenses 2 (134,500)
Distribution expenses 3 (54,450)
Finance cost 4 (7,654)
Net profit before income tax 39,994
(1) Note 1 ‒ Other income:
Rs.'000
Rent income (gross) 480
Dividend income received (net) 215
Profit from disposal of Land 5,000
profit from disposal of Quoted shares 468
Interest Income on fixed deposit (gross) 435
6,598
PILOT QUESTION
2. 2 | P a g e
(2) Note 2 ‒ Administration expenses:
Administration expenses include the following:
(2.1) Accounting depreciation charged for the year was Rs.5,436,000/-.
(2.2) The company has incurred an accounting loss of Rs.120,000 from the sale of motor lorry
used for business.
(2.3) Gratuity provision for the year was Rs.1,876,000/-.
(2.4) Director fees paid during the year was Rs.2,400,000/- and it has not considered for PAYE
purposes.
(2.5) Entertainment expenses was Rs.135,000/-.
(2.6) During the year, the company has paid Rs.250,000/- to the pradeshiya sabha as fines for
violating health regulations.
(2.7) The company has donated Rs.1,000,000/- to the Cancer Hospital to purchase medical
equipment. (the hospital has issued a receipt in this regard) and Rs.200,000/- worth of
grocery items to an approved charity that maintains inmates in the home.
(2.8) A research was carried by the company to improve the quality of their products by
incurring a cost of Rs.2,500,000/-. This cost included laboratory equipment worth
Rs.1,000,000/-, which was purchased for the purpose of carrying out the research.
(2.9) A sales team of the company has been sent to Singapore for negotiations with
prospective buyers. Cost of air tickets purchased for the team was Rs.248,000/-. Further,
Rs.600,000/- incurred on a foreign tour organized to entertain the managing Director
and his family.
(2.10) The company has incurred Rs.145,000/- for painting of the building given on rent.
(2.11) In December 2018, the company has paid Rs.750,000/- to a lawyer who represents the
company in labour court. The company has not paid relevant Withholding Tax on such
payment.
(3) Note 3 ‒ Distribution expenses:
include the following:
(3.1) Remaining loan balance of Rs.50,000/- from an employee has been written off. In
addition to that, the company has made a general provision of Rs.120,000/- for doubtful
debts from trade debtors. Further, a trade debt of Rs.15,000/- was estimated to have
become doubtful during the year.
(3.2) Cost of TV commercials of Rs.1,520,000/- and the cost of Rs.25,000/- for paper notices
published to recruit new workers were included in advertising expenses.
3. 3 | P a g e
(4) Note 4 ‒ Finance cost:
include the following:
(4.1) Economic Service Charge written off due to lapse of claimable period for tax credit was
Rs.1,057,000/-.
(4.2) Loan interest paid on bank loan obtained for working capital purposes was
Rs.6,483,000/-.
(4.3) On 01st
July 2018, 5 laptop computers were obtained under a finance lease agreement
for a period of 36 months. Monthly installment of the lease was Rs.31,200/-. The
company has paid 9 installments during the year. Lease Interest charged to Income
statement was Rs.114,000/-.
(5) Note 5 ‒ Property, Plant and Equipment:
(5.1) Acquisitions made during the year:
(Rs.’000)
Type of asset Cost
Generators 2,000
Office furniture 450
Motor Car for Managing Director 2,800
Motor Lorry 4,360
Locally developed software (estimated useful life time of 8 years) 420
Computers (obtained under finance lease term) 840
(5.2) The following assets were as at 31st
March 2018: (Rs.’000)
Cost Acquired in Y/A
Buildings 12,465 2015/16
Machinery 2,400 2016/17
Motor Lorries 5,400 2016/17
office Equipment 225 2017/18
(5.3) Disposal made during the year:
(i) A motor Lorry which was purchased in Y/A 2016/17 for Rs.2,800,000/- has been
sold for Rs.1,750,000/- on 30th
June 2018. A new lorry was purchased at a cost of
Rs.4,360,000/- on 01st
July 2018 to replace the old one.
(ii) The company owned land in Nugegoda. This land was purchased in 2014 for
Rs.25,000,000/- with an old building at no cost. The management retained the land
as an investment asset in order to gain from capital appreciation in the long run.
The building was rented out until such time the land is sold. Rent received during
the year has been recorded under other income. This land was sold for
Rs.30,000,000/- on 31st
December 2018. The market value as at 30th
September
2017 was Rs.28,000,000/-.
(5.4) All assets have been fully depreciated for tax purposes, other than those specifically
mentioned above.
4. 4 | P a g e
(6) As at 31st
March 2019, following liabilities were in the books of the company:
Rs.
Bank Loan 41,700,000
Lease Creditor 680,000
42,380,000
(7) Rs.1,345,000/- has been paid as gratuity for retired employees during the year.
(8) Taxable business loss brought forward from the year of assessment 2017/18 was
Rs.16,500,000/-.
(9) Economic Service Charge (ESC) payments for the year of assessment 2018/19 was
Rs.3,580,000/-.
(10) The company has paid Rs.1,000,000/- as quarterly installments for Y/A 2018/19.
(11) Withholding tax has been deducted on income from interest, rent and dividend at relevant
rates.
(12) As per the return of income for 2017/18, Notional tax credit carried forward was Rs.560,000/-.
You are required to:
Assess the balance income tax payable by ABC (Pvt) Ltd. for the Y/A 2018/19.
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5. 5 | P a g e
ABC (Pvt) Ltd.
Notes to the Computation of Income Tax
Year of Assessment 2018/2019
Computation of Business Income
Note
Ref.
Rs. Rs.
+ -
Profit/(Loss) Before Tax 39,994,000
Add:
Accounting depreciation on PPE 5,436,000
Accounting loss on disposal of motor lorries 120,000
Provision for Gratuity 1,876,000
Director fee - Disallowed as it is not considered for PAYE purpose - U.S 10 (2) 2,400,000
Entertainment expenses 135,000
Fines and penalties 250,000
Donations (Expenses not incurred in the production of income) 1,200,000
Research & Development expenses - Lab Equipment - Disallowed U.S 15 &
Claimed Capital allowance
1,000,000
Foreign Travel - sales team - allowed 0
Foreign Travel - Managing Director - Disallowed 600,000
Repair and improvements - related to investment income 145,000
Payment to lawyer- WHT not deducted 750,000
Staff loan written off 50,000
Provision for doubtful debts - Specific 15,000
Provision for doubtful debts - General 120,000
Advertising - allowed 0
Unclaimable Economic service charge 1,057,000
Loan Interest 1.1 6,483,000
Lease Interest 1.1 114,000
Assessable charge (disposal profits) on realization of depreciable assets 1.3 70,000
Less: Allowable Deductions
Capital allowances on depreciable assets 1.2 4,224,000
Research and development expenses:
Additional 100% can be claimed under six schedule - Transitional provision 1,500,000
Gratuity paid 1,345,000
Allowable Finance cost 1.1 6,467,800
Less: Investment Income
Rent income 480,000
Interest income 435,000
Dividend income 215,000
Gain on disposal of investment in quoted shares 468,000
Gain on disposal of land 5,000,000
61,815,000 20,134,800
41,680,200
Less: Business losses brought forward (16,500,000)
Business Income 25,180,200
ANSWER
6. 6 | P a g e
ABC (Pvt) Ltd.
Computation of Income Tax
Year of Assessment 2018/2019
Note Ref. Rs.
Business Income 25,180,200
Investment Income 2 2,770,000
Assessable Income 27,950,200
Less: Qualifying Payments and reliefs
Donation to the Government (1,000,000)
Donation to approved charity - in kind - not claimable -
Taxable Income 26,950,200
Computation of Income Tax Payable
Note
Ref.
Taxable
Income
Rate Tax
Rs. @ Rs.
Gain on realization of Investment Assets 2.1 2,000,000 10% 200,000
Balance Taxable Income 3 24,950,200 14% 3,493,028
Total Tax Payable 26,950,200 3,693,028
Less: Tax Credits
Rs.
Economic Service Charge 3,580,000
Notional Tax Credit Brought Forward 560,000
Withholding Tax on interest (435,000 x 5%) 21,750
Withholding Tax on Rent (480,000 x 10%) 48,000
Quarterly Installments 1,000,000 5,209,750
Balance Tax Payable / (Refund due) (1,516,722)
7. 7 | P a g e
ABC (Pvt) Ltd.
Notes to the Computation of Business Income
Year of Assessment 2018/2019
(1.1) Finance Cost
Finance cost B 6,597,000
Thin capitalization adjustment under Section 18 of the IR Act
Issued Share Capital 12,000,000
Reserves 1,850,000
A 13,850,000
Finance Cost attributable to financial instruments
Amount due on financial instruments C 42,380,000
Maximum financial cost claimable D = [(A x 3) / C ]x B 6,467,800
Disallowed financial cost c/f to next year 129,200 Added back
(1.2) Capital allowances on depreciable assets:
Type of Assets
year of
purchase
Depreciation
Basis or WDV
B/F (Rs.)
No. of years
Charge for
the year (Rs.)
Lab Equipment 2018/19 1,000,000 5 200,000
Generators 2018/19 2,000,000 5 400,000
Office furniture 2018/19 450,000 5 90,000
Motor Car for Managing Director 2018/19 2,800,000 not entitled, not a road vehicle
Motor Vehicles 2018/19 4,360,000 5 872,000
Locally developed software 2018/19 420,000 8 52,500
Computers - leased 2018/19 840,000 5 168,000
Buildings 2015/16 12,465,000 10% 1,246,500
Machinery 2016/17 2,400,000 33.33% 800,000
Motor Vehicles 2016/17 5,400,000
Less: Disposals (2,800,000)
2,600,000 20% 520,000
Office Equipment 2017/18 225,000 33.33% 75,000
4,224,000
(1.3) Assessable Charge and Balancing Allowance on depreciable assets:
Description
Cost of
the Asset
Year of
Acquisition
Consideration
Written Down
Value
Assessable
Charge
Motor Vehicles 2,800,000 2016/2017 1,750,000 1,680,000 70,000
8. 8 | P a g e
ABC (Pvt) Ltd.
Notes to the Computation of Business Income
Year of Assessment 2018/2019
2. Computation of Investment Income:
Note
Ref.
Rs. Rs.
Rent income 480,000
Less: expenses - painting (145,000)
335,000
Interest Income 435,000
Dividend Income 215,000
Gain on disposal of Investment in quoted shares 468,000
Gain on disposal of land 2.1 2,000,000 3,453,000
Less: Exempt/final WHT payments
Dividend Income 215,000
Gain on disposal of Investment in quoted shares 468,000 (683,000)
Investment income 2,770,000
(2.1) Gain or loss on realization of investment assets:
Description
Cost/ Market Value as
at September 30, 2017
(Rs.)
Consideration
(Rs.)
Gain / Loss
(Rs.)
Land 28,000,000 30,000,000 2,000,000
3. Business Income Tax at Lower Rate:
The taxable income of a company predominantly conducting the business of exporting goods
and services is taxed at the rate of 14% under the Inland Revenue Act No. 24 of 2017.
Description Rs.
Export Revenue 632,000,000
Local Revenue 84,000,000
Other Income 6,598,000
Gross Income 722,598,000
Export revenue as a percentage of gross income 87%
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