Question 1 The Profit and loss account of Wise Ltd for the year ended 31/12/2019 shows the following: Sales 80 000 Less COGS 15 000 Gross profit 65 000 Less Expenses Donations 1 500 Advertisements 390 Depreciation 5 000 Legal fees 500 Rent 100 Interest on overdraft 4 300 Insurance 5 600 Wages 4 330 Bank fee 700 22 420 Operating profit 42 580 ADD OTHER INCOME Gain from sale of asset 4 100 Net profit $46 680 Additional information: Depreciation for tax purpose $ 8000. Gain on sale for tax purpose $ 1800. Loss carried forward (3 years) $ 4 000. Tax paid in advance $ 10 700. Donation was to an approved charity organization. Legal fees was incurred to buy a building from ANZ bank Tax rate 20%. Required: a. Calculate the taxable income for Wise Ltd as at 31/12/2019. b. Calculate the tax liability.

Question 2 Partnership Taxation- Resident & Non Resident XYZ started a supermarket business under a partnership agreement stating profit & Loss sharing ratio of 4:3:3. During the financial year 2019 the following transaction taken place amounting to: Sales 3509583 Sales Returns -42050 Purchases 1960050 Advertising 25000 Repairs & Maintenance-Motor Vehicle (For vehicles used in business) 22000 Telephone 15500 Utility 14000 FNPF 40000 Salaries & Wages 350000 Business Licence 150 Town & City Rates 2200 Bank Charges 4500 Interest 27000 Insurance Premiums 10400 Discount Given 11000 Miscellaneous Expenses 9000 Additional Information Closing stock 31/12/2015 $110,000 Opening stock 1/1/2019 $ 30,000 Partner X also earns consultation revenue of $ 12,000 per annum. X and Y are resident and Z is nonresident partner. Required: -Prepare the Profit and loss statement for XYZ Limited supermarket. - Calculate Tax Liability of each partner for the year 2019.

Question 3 Fong Lee owns a rental property worth $5,000,000. Upon his death, all his property will be under the trust business and as per his final will he has appointed a trustee Mr. Wong Lee, who will manage his property and allocate equally to his married wife (Ann Lee) and 3 children name Ken lee, Chong lee, Florence Lee. On 1st January 2019, he died in an accident. Trust has: Rental income of $200,000 each year from his property. With respect to rental property he incurred cost of insurance $5000, depreciation cost $10,000, rates of $2,500, lease cost of $8,000. Investment in local finance company worth $550,000 earning interest of 10% yearly. Invested in shares in local company worth $500,000, earning dividend revenue of 10,000 per annum. Required: 1. Calculate the trust income. 2. Prepare the Income tax return for each beneficiary for 2019.

Cauta TM Pro Wild the war wied12.2009 des the 15 IM Deprec Trpel 1500 NI SI 981 I. 40 1143 419 Operating ADBEDEUTEN IN TIME 41 S. Depreciation rappo - Lomcard and Jan Tas paldin e 10 70 De drywe Lapis ad building the back Tin Repred 1. Calculate the table income the LV123019. Telephone TECHY 2200 Prunum 100 25000 Repair & Marcellor Versicherortholin die basiera Telephone Busreise Town.com 2000 250 2200 27000 3400 Imre 9000 Clong stock 21/12/2015 SELD.000 . Porreres corone512.000 +XandYardent and is made Prepare the Protondommentform permarket Calculate Tax Lability of each partner for the year 2018. Pregles are propery was con id all is property will leader de reste des partis will be hospitalarester. Wong Lee who will mangel paperty and allocate alytis rame wide I Am L.) and children are ken Chego, ence. On Janaury 2019, he died in an accident Memal 520.000 cachycin property. With respect to real property is cost of ISSO, SIOL. comment in local company on somring af . lenceditures is locals who came descendre 100 Required 1. Calle 2. Prepare the Income tax return for cach bencary for 2019 Cauta TM Pro Wild the war wied12.2009 des the 15 IM Deprec Trpel 1500 NI SI 981 I. 40 1143 419 Operating ADBEDEUTEN IN TIME 41 S. Depreciation rappo - Lomcard and Jan Tas paldin e 10 70 De drywe Lapis ad building the back Tin Repred 1. Calculate the table income the LV123019. Telephone TECHY 2200 Prunum 100 25000 Repair & Marcellor Versicherortholin die basiera Telephone Busreise Town.com 2000 250 2200 27000 3400 Imre 9000 Clong stock 21/12/2015 SELD.000 . Porreres corone512.000 +XandYardent and is made Prepare the Protondommentform permarket Calculate Tax Lability of each partner for the year 2018. Pregles are propery was con id all is property will leader de reste des partis will be hospitalarester. Wong Lee who will mangel paperty and allocate alytis rame wide I Am L.) and children are ken Chego, ence. On Janaury 2019, he died in an accident Memal 520.000 cachycin property. With respect to real property is cost of ISSO, SIOL. comment in local company on somring af . lenceditures is locals who came descendre 100 Required 1. Calle 2. Prepare the Income tax return for cach bencary for 2019