Assignment 1 - Income Tax Return-Individual CR 400,000.00 600,000.00 120,000.00 13,000.00 4,868,000.00 Jim Peters Trading as Tropical Gold Trial Balance as at 31 December 2021 DR Capital Motor vehicle 325,000.00 Computer 12,000.00 Furniture and Fittings 120,000.00 Investment 5yrs 2,300,000.00 Republic Bank Loan 6yrs Republic Bank Loan Current Trade receivables 130,000.00 Scotia Bank 1,250,000.00 FCB Bank Sales Purchases 840,500.00 Repairs and Maintenance 63,000.00 Rent 60,000.00 Stationery and consumables 12,000.00 Cleaning and Landscaping 15,000.00 Electricity 7,200.00 Entertainment 3,400.00 Social Media Expense 9,600.00 Training and Development of staff 3,800.00 Salaries and Wages 720,000.00 PAYE Health Surcharge National Insurance Cable and internet 11,880.00 Motor vehicle Repairs 14,000.00 Property Insurance 4,600.00 Insurance motor vehicle 5,000.00 Donation - Political 13,000.00 Donation covenanted 35,000.00 Bad debt (specific) 12,000.00 Advertising 16,936.25 Promotion expense in USA 37,000.00 Drawings 5,800.00 6,026,716.25 25,000.00 41.25 675.00 6.026,715.25 m Peters started his business on 19 January 2021. Uncertain of the success of the business he emained working at Scotch Kale limited where his gross annual income was $350,000.00 . . He also receives a pension from USA $1,000 per month exchange rate $6.80 to the dollar. PAYE deducted from his employment for 2021-$135,000.00 National Insurance deducted for 2021- $7,818 The above trial balance represents accounting information for the year ended 31" December 2021 Closing inventory -$150,000 Depreciation - Motor vehicle and Car 25% on Cost Depreciation - Furniture and Fittings 10% on Cost Sagicor Annuity Paid for 2021 $72,000 Purchase his first residential home in 2016 Installed solar panel at his residential home costing $15,000 His son's education cost in USD amounted to $118,000 for 2021 Property insurance pertains to his residential home Income tax deducted from his USA pension US1200.00 . . . . Prepare 2021 Income Tax Return for Jim Peters making all necessary assumptions. (30 marks) Assignment 1 - Income Tax Return-Individual CR 400,000.00 600,000.00 120,000.00 13,000.00 4,868,000.00 Jim Peters Trading as Tropical Gold Trial Balance as at 31 December 2021 DR Capital Motor vehicle 325,000.00 Computer 12,000.00 Furniture and Fittings 120,000.00 Investment 5yrs 2,300,000.00 Republic Bank Loan 6yrs Republic Bank Loan Current Trade receivables 130,000.00 Scotia Bank 1,250,000.00 FCB Bank Sales Purchases 840,500.00 Repairs and Maintenance 63,000.00 Rent 60,000.00 Stationery and consumables 12,000.00 Cleaning and Landscaping 15,000.00 Electricity 7,200.00 Entertainment 3,400.00 Social Media Expense 9,600.00 Training and Development of staff 3,800.00 Salaries and Wages 720,000.00 PAYE Health Surcharge National Insurance Cable and internet 11,880.00 Motor vehicle Repairs 14,000.00 Property Insurance 4,600.00 Insurance motor vehicle 5,000.00 Donation - Political 13,000.00 Donation covenanted 35,000.00 Bad debt (specific) 12,000.00 Advertising 16,936.25 Promotion expense in USA 37,000.00 Drawings 5,800.00 6,026,716.25 25,000.00 41.25 675.00 6.026,715.25 m Peters started his business on 19 January 2021. Uncertain of the success of the business he emained working at Scotch Kale limited where his gross annual income was $350,000.00 . . He also receives a pension from USA $1,000 per month exchange rate $6.80 to the dollar. PAYE deducted from his employment for 2021-$135,000.00 National Insurance deducted for 2021- $7,818 The above trial balance represents accounting information for the year ended 31" December 2021 Closing inventory -$150,000 Depreciation - Motor vehicle and Car 25% on Cost Depreciation - Furniture and Fittings 10% on Cost Sagicor Annuity Paid for 2021 $72,000 Purchase his first residential home in 2016 Installed solar panel at his residential home costing $15,000 His son's education cost in USD amounted to $118,000 for 2021 Property insurance pertains to his residential home Income tax deducted from his USA pension US1200.00 . . . . Prepare 2021 Income Tax Return for Jim Peters making all necessary assumptions. (30 marks)