determining the chargeable Income for the year of assessment.

QUESTION THREE Below is the income statement of Global Feed Manufacturing Company Limited, located in Wass in the Western Region of Ghana. The statement over the year ended 31/12/2012 GH000 GH000 Gross Profit 2,618.750 Rent Income 150, 250 Other It come 71.000 2.800.00 Less Management Salaries 13.750 Star Salaries 21.250 Hire of Equipment 18,125 Depreciation 7.500 Casual Labour 10.500 Ollice Rent 9,000 Vehicle Repairs 19,500 Business Promotions 5,250 onations 11.375 Repairs of Factory Premises 28 500 Office Expenses 22.500 Bad Debts 73.750 Advertisements 1.500 272.500 Net Profit 2. 527.500 Notes for the Accounts 1. Other income includes profit on disposal of fixtures and fittings amounting to GH49,000,000. 2. Casual Labour is made up of Factory Hands and Wages of employees in Director's Private Property amounting to Gle1.750,000 and Gle2,900,000 respectively, Vehicle Repairs includes cost of new engine of CH47,250,000 fuel & lubricants of GH1,650, and Tyres and Tubes of G3,290,000 4. Donations consist of the following: Kotoko Football Club GH45,100,000, and Bereaved membe of staff GH49,350,000 as part of funeral policy approved by the board. 5. Business Promotions: Wedding reception for Director's wedding day GH411,432,000 Cost of entertaining business partners Gile8320,000 6. Repairs to Factory premises: GHO - Cost of New tiles for floor 120.540,000 New gates for factory 151,500,000 Repair of cracks in the wall 6,900,000 7 Office Expenses includes New personal computerand stationary amounting to GH187.750.000 GHe 4.250,000 respectively 8 Office rent paid of GHC 18.000.000 represents two years rent for the period ending 31. Decem 2013. Rental income is taxed 15% final. 9. The written value of the company's chargeable as at 31/12/2011 were as follows: GH Building (cost 6,250,000) 15,000,000 Motor Vehicles 345,000,000 Plant and Machinery 9.500,000 Computers 7,000,000 Required: (a) Determine the Company's Chorecable income for the 2014 year of assessment QUESTION THREE Below is the income statement of Global Feed Manufacturing Company Limited, located in Wass in the Western Region of Ghana. The statement over the year ended 31/12/2012 GH000 GH000 Gross Profit 2,618.750 Rent Income 150, 250 Other It come 71.000 2.800.00 Less Management Salaries 13.750 Star Salaries 21.250 Hire of Equipment 18,125 Depreciation 7.500 Casual Labour 10.500 Ollice Rent 9,000 Vehicle Repairs 19,500 Business Promotions 5,250 onations 11.375 Repairs of Factory Premises 28 500 Office Expenses 22.500 Bad Debts 73.750 Advertisements 1.500 272.500 Net Profit 2. 527.500 Notes for the Accounts 1. Other income includes profit on disposal of fixtures and fittings amounting to GH49,000,000. 2. Casual Labour is made up of Factory Hands and Wages of employees in Director's Private Property amounting to Gle1.750,000 and Gle2,900,000 respectively, Vehicle Repairs includes cost of new engine of CH47,250,000 fuel & lubricants of GH1,650, and Tyres and Tubes of G3,290,000 4. Donations consist of the following: Kotoko Football Club GH45,100,000, and Bereaved membe of staff GH49,350,000 as part of funeral policy approved by the board. 5. Business Promotions: Wedding reception for Director's wedding day GH411,432,000 Cost of entertaining business partners Gile8320,000 6. Repairs to Factory premises: GHO - Cost of New tiles for floor 120.540,000 New gates for factory 151,500,000 Repair of cracks in the wall 6,900,000 7 Office Expenses includes New personal computerand stationary amounting to GH187.750.000 GHe 4.250,000 respectively 8 Office rent paid of GHC 18.000.000 represents two years rent for the period ending 31. Decem 2013. Rental income is taxed 15% final. 9. The written value of the company's chargeable as at 31/12/2011 were as follows: GH Building (cost 6,250,000) 15,000,000 Motor Vehicles 345,000,000 Plant and Machinery 9.500,000 Computers 7,000,000 Required: (a) Determine the Company's Chorecable income for the 2014 year of assessment