Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question #01 Income of Mr. Belal for the year ended 30 June, 2021 includes: sale of rice 820 maunds @ Tk. 1140 per maund; sale

image text in transcribed

Question #01 Income of Mr. Belal for the year ended 30 June, 2021 includes: sale of rice 820 maunds @ Tk. 1140 per maund; sale of potato 150 maunds @ Tk. 400 per maund, income from barga land Tk. 80,000; income from ferry ghat Tk. 60,000; income from sugar industry Tk. 160,000; income from sale of forest tree Tk. 50,000; income from agricultural co-operative society Tk. 10,000; income from wild flower Tk. 35,000; and sale of mud to the brickfield for Tk. 12,000; income from cattle rearing Tk. 25,000; income from cultivation of fruits Tk. 55,000. Expenses relating to all those income are: cost of seeds Tk. 25,000; cost of fertilizer Tk. 10,000; labor charge Tk. 35,000; union parishad tax Tk. 1,500; crop insurance premium Tk. 5,500; allowable depreciation for tractors as per ITO 1984 was Tk. 30,000. Mr. Belal had a tractor which was purchased for Tk. 29,000 and sold for Tk. 18,000 (accumulated depreciation Tk. 22.000). He maintained books of accounts properly. Required: i. Compute taxable income for the relevant income year. (08) li 0 Question #01 Income of Mr. Belal for the year ended 30 June, 2021 includes: sale of rice 820 maunds @ Tk. 1140 per maund; sale of potato 150 maunds @ Tk. 400 per maund, income from barga land Tk. 80,000; income from ferry ghat Tk. 60,000; income from sugar industry Tk. 160,000; income from sale of forest tree Tk. 50,000; income from agricultural co-operative society Tk. 10,000; income from wild flower Tk. 35,000; and sale of mud to the brickfield for Tk. 12,000; income from cattle rearing Tk. 25,000; income from cultivation of fruits Tk. 55,000. Expenses relating to all those income are: cost of seeds Tk. 25,000; cost of fertilizer Tk. 10,000; labor charge Tk. 35,000; union parishad tax Tk. 1,500; crop insurance premium Tk. 5,500; allowable depreciation for tractors as per ITO 1984 was Tk. 30,000. Mr. Belal had a tractor which was purchased for Tk. 29,000 and sold for Tk. 18,000 (accumulated depreciation Tk. 22.000). He maintained books of accounts properly. Required: i. Compute taxable income for the relevant income year. (08) li 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Consolations Of Economics How We Will All Benefit From The New World Order

Authors: Gerard Lyons

1st Edition

0571307795, 9780571307791

More Books

Students also viewed these Accounting questions

Question

Was the researcher critically reflexive?

Answered: 1 week ago