Prepare the Income Tax Return Companies (IR 4: Boxes in Sections 12-29) for the period 1 April 2018 to 31 March 2019 for Green Country Limited

Green Country Limited is a distributor of domestic garden appliances throughout New Zealand and also carries out a number of other business transactions. Set out below is a list of balances extracted from the adjusted trail balance of the company as at financial year end date 31 March 2019: Accounts with Debit Balances Revaluation Loss Building 100.000 Depreciation Building Depreciation Plant & Equipment 190.000 Depreciation Vehicle 75.000 Impairmont Vehicle 5.000 Purchases 17.04.000 Doubtful Debts 10.000 Bad Debts 20.000 Audit Fees 40.000 Donation to religious organisations in New Zealand Dividends paid (Net) 216.000 Interest Expense 150,000 Expenditure related to Rental of Office Building 320,000 Inventory as at 1 April 2018 250.000 Other Expenses 30.000 Net Loss Brought Forward 1 April 2015 114.000 Previsional Tax 120.000 Tax paid on Overseas Income 50,000 Fringe Benefit Tax 58.000 Resident Withholding Tax for Dividends received 10.000 Accommodation provided to an employee as part of remuneration package Associated Persons Remuneration 313.000 Use of Money Interest IRD 22.000 Salaries and Wages (Net) 1.800,000 PAYE 450.000 KiwiSaver Contributions 106.000 ACC Levies 25.000 Bonus, gratuity and retiring allowance te employees Resident Withholding Tax on Contact Income 15.000 Contract Expenses Accounts with Credit Balances Amount Interest Income (Net 18.000 Gain from Revaluation of Shares Available for sale 500.000 Gains from Revaluation of shares Held for trading 600.000 Income 1.229.000 Dividend Income (Net) Rental come of Office Building Contract Income $20,000 Overseas Income 175.000 Additional Notes: Income for the year ended 31 March 2019 consists of the following: Sales 23.329,000 Income from tradetic arrangement Note 1 1,000,000 Gains from sale of shares Note 2 licensing agreements receipts Note 3 500.000 Land Transactions Note 4 3.300.000 Income in relation to CWI Income Tax Act 2007 300.000 Income in relations CX42 Income Tax Act 2007 400.000 Total 34 229.000 Note 1: Green Country Limited entered into an exclusive arrangement with an Oil Company to only sell its brand of petrol for a period of 10 years. Green Country Limited also undertook that it would not establish a new service station business within five miles of its existing business for a period of five years without also agreeing to sell Shell products. Note 2: Green Country Limited systematically bought and sold shares. There was substantial repetition and turnover in buying and selling the shares Note 3: Green Country Limited entered into a series of "licence agreements with various companies to supply information and manufacturing data to the companies and agreed to teach their technicians how to grow a new type of KIWI fruit. Note 4: The following land transactions were undertaken by Green Country Limited Pred a 30 declare free in 2015.000 and all the land to a riper 30 June 2008 million. The local coll the land Ionescial inter 2013 other en from their Purchased acres coming searadh for $1.22.601 The land porn Comciloval for are was carried out of the land why world for 390.000 Cantem in the same amounted $35.000 including per surveyor liciter al warming plo wake of de opine et a busrutiner Armeinig three the plot of The Buildings and we g here for the Game Limited Male proiements in 60.000 epifl. ther was purch. 2000 for S. The wir were made the lonel is for in 2018 TOTAL 55.500.000 The cost of inventory as at 31 March 2019 is $225,000 and the net realisable value of the inventory is $200,000 In accordance with the Income Tax Act 2007, Green Country Limited has satisfied the continuity of shareholder test and therefore the company is allowed to carry forward the previous years' loss. The net tax loss brought forward from previous years is $70,000. The tax depreciation for the year ended 31 march 2019 are as follows: > The annual tax depreciation rate for buildings is 0% > The total tax depreciation for Plant and Equipment is $120,000 > The total tax depreciation for Vehicles is $80,000 The provisional tax account for year ended 31 March 2019 is as follows: Provisional Tax A/C Date Account Amount Date Acco Amor 1/4/2018 Balance bd 150.000 31/3/2019 Tax Payable 150.000 95/2018 Bank 40,000 31/3/2009 Balance ed 120.000 28/8/2018 Bank 40,000 15/1/2018 Bank 40.000 220.000 220.00 Details of expenditure related to rental of office building is provided below: S Rental Agency Commission 25,000 Apportionment of Repairs and Maintenance 173,000 Apportionment of Insurance 5,000 Apportionment of rates 9,000 Apportionment of Building Depreciation 23,000 Apportionment of interest expense 50,000 Administration 35,000 120.000 An examination of the ledger account, shows that other expenses comprises of the following: Professional and consulting fees 40,000 Bank service charges 10. Fines and penalties 11.00 Entertainment expenses 25,000 Repairs and Maintenance 240.000 Loss caused by misappropriation by employees S. Expenses in relation to CWI Income Tax Act 2007 150,00 Expenses in relation to CX42 Income Tax Act 2007 250,000 insurance 40. Rates $9. 120.00 Entertainment expenses SL Entertainment that promotes business where the public has the same access as the sos employees, business contacts and people associated with the business Freebies given to customers promoting business $1.490 Meals employees bought while travelling on business $1.978 Snacks and drinks served at busines's trade display Overseas entertainment provided to promote the company's products $12.17 Entertainment at sports and cultural events (including in a corporate box) 51.703 Battle of wine provided to each customer who buys a company's product 5460 coming to more than $1,000 Boat hire and providing food and drinks to people on it 4.001 Food and drink provided for social events at seaside for senior comployees 1.150 $25.000 Total Required: Prepare the Financial Statements Summary (Extract of IR 10: all boxes until box 29) for year ended 31 March 2019 for Green Country Limited Green Country Limited is a distributor of domestic garden appliances throughout New Zealand and also carries out a number of other business transactions. Set out below is a list of balances extracted from the adjusted trail balance of the company as at financial year end date 31 March 2019: Accounts with Debit Balances Revaluation Loss Building 100.000 Depreciation Building Depreciation Plant & Equipment 190.000 Depreciation Vehicle 75.000 Impairmont Vehicle 5.000 Purchases 17.04.000 Doubtful Debts 10.000 Bad Debts 20.000 Audit Fees 40.000 Donation to religious organisations in New Zealand Dividends paid (Net) 216.000 Interest Expense 150,000 Expenditure related to Rental of Office Building 320,000 Inventory as at 1 April 2018 250.000 Other Expenses 30.000 Net Loss Brought Forward 1 April 2015 114.000 Previsional Tax 120.000 Tax paid on Overseas Income 50,000 Fringe Benefit Tax 58.000 Resident Withholding Tax for Dividends received 10.000 Accommodation provided to an employee as part of remuneration package Associated Persons Remuneration 313.000 Use of Money Interest IRD 22.000 Salaries and Wages (Net) 1.800,000 PAYE 450.000 KiwiSaver Contributions 106.000 ACC Levies 25.000 Bonus, gratuity and retiring allowance te employees Resident Withholding Tax on Contact Income 15.000 Contract Expenses Accounts with Credit Balances Amount Interest Income (Net 18.000 Gain from Revaluation of Shares Available for sale 500.000 Gains from Revaluation of shares Held for trading 600.000 Income 1.229.000 Dividend Income (Net) Rental come of Office Building Contract Income $20,000 Overseas Income 175.000 Additional Notes: Income for the year ended 31 March 2019 consists of the following: Sales 23.329,000 Income from tradetic arrangement Note 1 1,000,000 Gains from sale of shares Note 2 licensing agreements receipts Note 3 500.000 Land Transactions Note 4 3.300.000 Income in relation to CWI Income Tax Act 2007 300.000 Income in relations CX42 Income Tax Act 2007 400.000 Total 34 229.000 Note 1: Green Country Limited entered into an exclusive arrangement with an Oil Company to only sell its brand of petrol for a period of 10 years. Green Country Limited also undertook that it would not establish a new service station business within five miles of its existing business for a period of five years without also agreeing to sell Shell products. Note 2: Green Country Limited systematically bought and sold shares. There was substantial repetition and turnover in buying and selling the shares Note 3: Green Country Limited entered into a series of "licence agreements with various companies to supply information and manufacturing data to the companies and agreed to teach their technicians how to grow a new type of KIWI fruit. Note 4: The following land transactions were undertaken by Green Country Limited Pred a 30 declare free in 2015.000 and all the land to a riper 30 June 2008 million. The local coll the land Ionescial inter 2013 other en from their Purchased acres coming searadh for $1.22.601 The land porn Comciloval for are was carried out of the land why world for 390.000 Cantem in the same amounted $35.000 including per surveyor liciter al warming plo wake of de opine et a busrutiner Armeinig three the plot of The Buildings and we g here for the Game Limited Male proiements in 60.000 epifl. ther was purch. 2000 for S. The wir were made the lonel is for in 2018 TOTAL 55.500.000 The cost of inventory as at 31 March 2019 is $225,000 and the net realisable value of the inventory is $200,000 In accordance with the Income Tax Act 2007, Green Country Limited has satisfied the continuity of shareholder test and therefore the company is allowed to carry forward the previous years' loss. The net tax loss brought forward from previous years is $70,000. The tax depreciation for the year ended 31 march 2019 are as follows: > The annual tax depreciation rate for buildings is 0% > The total tax depreciation for Plant and Equipment is $120,000 > The total tax depreciation for Vehicles is $80,000 The provisional tax account for year ended 31 March 2019 is as follows: Provisional Tax A/C Date Account Amount Date Acco Amor 1/4/2018 Balance bd 150.000 31/3/2019 Tax Payable 150.000 95/2018 Bank 40,000 31/3/2009 Balance ed 120.000 28/8/2018 Bank 40,000 15/1/2018 Bank 40.000 220.000 220.00 Details of expenditure related to rental of office building is provided below: S Rental Agency Commission 25,000 Apportionment of Repairs and Maintenance 173,000 Apportionment of Insurance 5,000 Apportionment of rates 9,000 Apportionment of Building Depreciation 23,000 Apportionment of interest expense 50,000 Administration 35,000 120.000 An examination of the ledger account, shows that other expenses comprises of the following: Professional and consulting fees 40,000 Bank service charges 10. Fines and penalties 11.00 Entertainment expenses 25,000 Repairs and Maintenance 240.000 Loss caused by misappropriation by employees S. Expenses in relation to CWI Income Tax Act 2007 150,00 Expenses in relation to CX42 Income Tax Act 2007 250,000 insurance 40. Rates $9. 120.00 Entertainment expenses SL Entertainment that promotes business where the public has the same access as the sos employees, business contacts and people associated with the business Freebies given to customers promoting business $1.490 Meals employees bought while travelling on business $1.978 Snacks and drinks served at busines's trade display Overseas entertainment provided to promote the company's products $12.17 Entertainment at sports and cultural events (including in a corporate box) 51.703 Battle of wine provided to each customer who buys a company's product 5460 coming to more than $1,000 Boat hire and providing food and drinks to people on it 4.001 Food and drink provided for social events at seaside for senior comployees 1.150 $25.000 Total Required: Prepare the Financial Statements Summary (Extract of IR 10: all boxes until box 29) for year ended 31 March 2019 for Green Country Limited