K Ltd carries out a wholesale business in Nakuru, Kenya. The following is the statement<\/p>
of incomes for the year of income ending 31 December 2020. Sales<\/p>
Opening stock Purchases Closing stock<\/p>
Profit on sale of shares ex-dividend Bad debts recovered (specific)<\/p>
Operating expenses Depreciation Directors' remuneration Salaries and wages General expenses Auditor's fees<\/p>
Reserves Bad debts reserve Taxes Interest on loan Manufacturing expenses Supplies used Commissions paid Provisions for dividends Fire insurance<\/p>
45,230,000<\/p>
2,435,000 28,076,000 4,283,000 26,228,000 19,002,000 890,000 456,000 20,348,000<\/p>
3,456,700 1,000,000 1,239,780<\/p>
125,600<\/p>
450,000 3,478,900 980,000 60,000 2,378,000 6,721,400 783,000 340,000 1,200,000 178,900<\/p>
<\/p>
Net loss<\/p>
Additional information<\/p>
Bad debts (specific) are Kshs Taxes represent VAT paid General expenses include donations of Kshs The capital allowance claimable are Kshs<\/p>
Required<\/p>
22,392,280 (2,044,280)<\/p>
45,000<\/p>
100,000 6,200,000<\/p>
<\/p>
The adjusted income\/loss for the year of income The tax payable (if any), indicating when it is due. The tax payable if the firm was operating under the special economic zones<\/p>
15 Marks for 10%<\/p>", "transcribed_text": "", "related_book": { "title": "Cost Management Measuring Monitoring And Motivating Performance", "isbn": "1118168879, 9781118168875", "edition": "2nd Canadian Edition", "authors": "Leslie G. Eldenburg, Susan Wolcott, Liang Hsuan Chen, Gail Cook", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/635f99b5717e0_1157.jpg", "uri": "\/textbooks\/cost-management-measuring-monitoring-and-motivating-performance-2nd-canadian-edition-1157", "see_more_uri": "" }, "free_related_book": { "isbn": "?B01M71H3HH", "uri": "\/textbooks\/melasta-aa-9-6v-2000mah-gadgets-for-airsoft-guns-b01m71h3hh", "name": "Melasta AA 9.6v 2000mAh Gadgets For Airsoft Guns", "edition": "" }, "question_posted": "2024-06-29 01:42:24", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/peac-116doc", "description": "Analyzing an L-R-C Circuit. You have a 200- resistor, a 0.400-H inductor, a 5.00-F capacitor, and a variable-frequency ac source with an amplitude of 3.00 V. 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