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Baygon ltd has presented the following income particulars for the year 2 0 2 2 ; Ksh 0 0 0 Sales 1 , 9 4
Baygon ltd has presented the following income particulars for the year ;
Ksh
Sales
Purchases
Closing stock
Cost of sales
Interest from bonds held in Ghana
Discount received
Dividend from Limuru Tea ltd net
Operating expenses allowable
Depreciation
Finance cost
Additional information:
The company had a policy of maintaining a closing stock thats twice the value of the opening stock.
The closing stock above is undervalued by
Required:
Calculate the taxable income for Baygon ltd for the year The Tax laws for apply accordingly.
A
Ksh
B
Ksh
C
Ksh
D
Ksh
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Yutong K ltd which is a microenterprise has presented the following income particulars for the year ;
Ksh
Sales
Purchases
Closing stock
Interest from Loan Stocks held in Singapore
Discount received
Dividend from EABL K ltd
Operating expenses allowable
Depreciation
Finance cost
Additional information:
The closing stock above is undervalued by The opening stock was ksh
Required:
Calculate the taxable income for company for the year
A
Ksh
B
Ksh
C
Ksh
D
Ksh
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BIG TIGER Insurance ltd presented the following information relating to its general insurance business for the year :
Ksh
Premiums received
Premiums returned to policyholders
Premiums received on reinsurance contracts
Premiums receivable; bd
Premiums receivable; cd
Bonus utilized in reduction of premiums
Premiums transferred on reinsurance
Required:
Calculate the maximum amount of allowed management expenses for the company.
A
B
Ksh
C
D
Ksh
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BIG TIGER Insurance ltd presented the following information relating to its life insurance business for the year :
Ksh
Premiums received
Premiums returned to policyholders
Premiums received on reinsurance contracts
Actuarial surplus transferred to shareholders
Premiums receivable; bd
Premiums receivable; cd
Bonus utilized in reduction of premiums
Management expenses
Premiums transferred on reinsurance
Required:
Calculate the taxable income from the life business of the insurance company.
A
Ksh
B
Ksh
C
Ksh
D
Ksh
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Grand Canyon ltd which listed of its issued share capital at the Nairobi Securities Exchange NSE in the year has presented the following summary income statement items for the year :
Ksh
Ksh
Sales
Opening stock
Purchases
Closing stock
Discount received
Specific bad debts recovered
Insurance recovery Lorry written off after an accident
Dividends from Uzima ltd listed at NSE gross
Interest on fixed deposit account held at Citi Bank net
Interest from a bond issued by Wuyii China ltdin China
Operating expenses
Net profit
Additional information:
The opening has been undervalued by and the closing stock has been overvalued by
Operating expenses include depreciation amounting to ksh
The operating expenses exclude discount allowed of ksh
Required:
Calculate the tax payable by the company for the year
A
Ksh
B
Ksh
C
Ksh
D
Ksh
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Wajumbe Sacco k ltd has presented has presented the following information on their financial
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