11,500,000.00 200,000.00 400,000.00 960,000.00 280,000.00 350,000.00 1200000.00 Calculate income tax liability of Feast Company, which closed its account on on 31st December 2021. Salaries 2,700,000.00 Gross Profit Payment to Hospital on Panel 600,000.00 Income from Spaculative business Advertisement Exp 380,000.00 Bad debts recovered General exp 1,200,000.00 Annual rent from plaza Loss from theft 350,000.00 Gain on sale on shares of private co shares Expansion in Building 450,000.00 Discount on issuing of shares Prepaid Tax 45,000.00 Dividends Received Repairing exp on plaza 180,000.00 Redemption fund reserve 250,000.00 Fuel charges 185,000.00 Ground Rent 160,000.00 Discount Received 80,000.00 Interest paid on Loan 400,000.00 Depreciation 200,000.00 Business registration expenses 450,000.00 Copyrights acquired 200,000.00 Employees training Expenses 100,000.00 Rent of building 600,000.00 6,360,000.00 14,890,000.00 1 In salaries Rs. 200000 were paid to Mr. Ahmad (who was a regular employee.) 2 General Expense include Rs. 400,000 for liquidity Damages. 3 Loan was received on 1st July 2020. 4 Statutary depreciation was 20% Less than the claimed one. 5 Shares were sold after one year. 6 Repairing Expenses on Plaza were paid by Tanent. 7 Actual Amount of Recvered Bad debts was 450,000 14,890,000.00 11,500,000.00 200,000.00 400,000.00 960,000.00 280,000.00 350,000.00 1200000.00 Calculate income tax liability of Feast Company, which closed its account on on 31st December 2021. Salaries 2,700,000.00 Gross Profit Payment to Hospital on Panel 600,000.00 Income from Spaculative business Advertisement Exp 380,000.00 Bad debts recovered General exp 1,200,000.00 Annual rent from plaza Loss from theft 350,000.00 Gain on sale on shares of private co shares Expansion in Building 450,000.00 Discount on issuing of shares Prepaid Tax 45,000.00 Dividends Received Repairing exp on plaza 180,000.00 Redemption fund reserve 250,000.00 Fuel charges 185,000.00 Ground Rent 160,000.00 Discount Received 80,000.00 Interest paid on Loan 400,000.00 Depreciation 200,000.00 Business registration expenses 450,000.00 Copyrights acquired 200,000.00 Employees training Expenses 100,000.00 Rent of building 600,000.00 6,360,000.00 14,890,000.00 1 In salaries Rs. 200000 were paid to Mr. Ahmad (who was a regular employee.) 2 General Expense include Rs. 400,000 for liquidity Damages. 3 Loan was received on 1st July 2020. 4 Statutary depreciation was 20% Less than the claimed one. 5 Shares were sold after one year. 6 Repairing Expenses on Plaza were paid by Tanent. 7 Actual Amount of Recvered Bad debts was 450,000 14,890,000.00