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In its income statement for the year ended December 31,2020, Al-Awda Company reported the following condensed data in (NIS): - Sales = 6000,000 -Purchases
In its income statement for the year ended December 31,2020, Al-Awda Company reported the following condensed data in (NIS): - Sales = 6000,000 -Purchases = 300,000 - Sales Discounts = 25,000 = 7500 - Selling Expenses = 17,500 - Begging inventory = 125,000 -Purchases Returns = 20,000 -Purchases Transportation = 10,000 - Administrative Expenses (Excluding Salaries for partners) - Salaries for partners = 60,000 - Ending inventory = 60,000 - You have the following information: 1- Ali and Omar are partners in the company each one own 50% of capital and Ali has monthly salary 2500 NIS for managing, Ali is married and has three sons one of them study in the university and the others in school. 2- Ali had revenues from farming project= 30,000 NIS 3- Ali lives with his father and mother and takes care of them. 4- Ali bought a new house (20,500 NIS). 5- Company deducts from Ali 150 NIS monthly payment which pays by company at the end of the year to the tax department. 6- They live in Ramallah. Required: 1- Calculate the tax value to be paid or to be refund for the partner Ali.
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