assertion (6 Marks) The following information was obtained from the accounts of Mifuko Yetu Sacco Society Limited for the year 2019. Interest on fixed deposit account (net) 4,156,500 Income on short term notes 1,460,000 Dividends from Limited companies 3,460,500 Tender fees 240,000 Insurance fees on loans 1,260,000 Rental Income 1,846,000 Meeting expenses 347,000 Member education expenses 267,200 Security expenses 480,000 Funeral expenses 409,000 Software maintenance 164.800 Auditors fees 178,900 Interest on defaulted loans 424.700 Expenses on investment on short term notes Honoraria Rental Expenses Additional Information 632,800 182,600 350,000 1. All incomes earned are subject to withholding tax where applicable 2. Rented property expenses amounted to Sh. 194,800 Required i. Taxable profit or loss for the Sacco for the year ended 31st December 2019 (4 Marks) c) Many objectives of the Common Market for East and Southern African (COMESA) treaty remain elusive due to emerging challenges Highlights four such challenges. (4 Marks) d) Nexus Fruit Processors Ltd. produces processed mango juice. The mangoes are purchase directly from the farmers. The following information relates to the company's transactions between July 2020 and December 2020. 1. The sales for July 2020 amounted to sh. 450,000. The sales increased by 5% in August and by 10% per month in the subsequent months. 2. Monthly purchases from farmers were constant at 180.000 per month. 3. The value added tax (VAT) paid between August 2020 and December 2020 was 217,500! Input tax claimed over the same period amounted to 45,000 4. Transactions are stated net of VAT where applicable Required Confirm the accuracy of the VAT reported by the company between August 2020 and December 2020 (6 marks) assertion (6 Marks) The following information was obtained from the accounts of Mifuko Yetu Sacco Society Limited for the year 2019. Interest on fixed deposit account (net) 4,156,500 Income on short term notes 1,460,000 Dividends from Limited companies 3,460,500 Tender fees 240,000 Insurance fees on loans 1,260,000 Rental Income 1,846,000 Meeting expenses 347,000 Member education expenses 267,200 Security expenses 480,000 Funeral expenses 409,000 Software maintenance 164.800 Auditors fees 178,900 Interest on defaulted loans 424.700 Expenses on investment on short term notes Honoraria Rental Expenses Additional Information 632,800 182,600 350,000 1. All incomes earned are subject to withholding tax where applicable 2. Rented property expenses amounted to Sh. 194,800 Required i. Taxable profit or loss for the Sacco for the year ended 31st December 2019 (4 Marks) c) Many objectives of the Common Market for East and Southern African (COMESA) treaty remain elusive due to emerging challenges Highlights four such challenges. (4 Marks) d) Nexus Fruit Processors Ltd. produces processed mango juice. The mangoes are purchase directly from the farmers. The following information relates to the company's transactions between July 2020 and December 2020. 1. The sales for July 2020 amounted to sh. 450,000. The sales increased by 5% in August and by 10% per month in the subsequent months. 2. Monthly purchases from farmers were constant at 180.000 per month. 3. The value added tax (VAT) paid between August 2020 and December 2020 was 217,500! Input tax claimed over the same period amounted to 45,000 4. Transactions are stated net of VAT where applicable Required Confirm the accuracy of the VAT reported by the company between August 2020 and December 2020 (6 marks)