Madris is the proprietor of a mini shop. His statement of income for the year ending 31st MARCH 2021 is as follows: 2,000,000 Gross Profit Less: Expenses Wages & salaries Rent & rates Water & electricity Depreciation of delivery van Promotion expenses Donations to charity Taxes General bad debt advertisement Legal cost Professional fee Repair and maintenance Audit fee 25,000 30,000 6,000 5,000 4,000 5,000 5,000 7,000 20,000 3,000 10,000 15,000 10,000 145,000 Net profit 1,855,000 Additional information: a Mr. Madris lives in a flat above the shop and it has been agreed that 20% of the rent and rates, water and electricity be charged to him. Capital deductions were agreed at 17,500. 10% of advertising cost was for installation of a bill board. Legal costs were incurred to defend a breach of business contract by Mr. Madris. Included in the gross profit was 10,000 from dividend, 50,000 fro rental income and 70,000 from disposal of a parcel of land. Required: i. Calculate the taxable profit for Mr. Madris ii. Mr. Madris's tax payable from the business income Madris is the proprietor of a mini shop. His statement of income for the year ending 31st MARCH 2021 is as follows: 2,000,000 Gross Profit Less: Expenses Wages & salaries Rent & rates Water & electricity Depreciation of delivery van Promotion expenses Donations to charity Taxes General bad debt advertisement Legal cost Professional fee Repair and maintenance Audit fee 25,000 30,000 6,000 5,000 4,000 5,000 5,000 7,000 20,000 3,000 10,000 15,000 10,000 145,000 Net profit 1,855,000 Additional information: a Mr. Madris lives in a flat above the shop and it has been agreed that 20% of the rent and rates, water and electricity be charged to him. Capital deductions were agreed at 17,500. 10% of advertising cost was for installation of a bill board. Legal costs were incurred to defend a breach of business contract by Mr. Madris. Included in the gross profit was 10,000 from dividend, 50,000 fro rental income and 70,000 from disposal of a parcel of land. Required: i. Calculate the taxable profit for Mr. Madris ii. Mr. Madris's tax payable from the business income