Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 4 a) Matilda Ltd is a mining company and has the following set of data relating to 2020 year of assessment. GH 48,000,000 Revenue

image text in transcribed
image text in transcribed
Question 4 a) Matilda Ltd is a mining company and has the following set of data relating to 2020 year of assessment. GH 48,000,000 Revenue Cost of operation Margin 28.000.000 . 20,000,000 The following were considered in the determining the chargeable income Loss from operation amounting to GH800,000 recorded in 2014 was added to the cost above. Research and development cost of GH 300,000 was included in the cost. Surplus of GH 700,000 from rehabilitation fund was included in the revenue. Proceeds of GH 900,000 from realization of assets was included in the revenue. Depreciation of GH3,000,000 was included in the cost of operation. A Income of GH 1,000,000 from the sale of data and information relating to the mining operation was included in the revenue. Penalty of GH2,000,000 imposed by the Minerals Commission for breach of industry regulations was included in the cost of operation . Required: i) Calculate the Royalty payable, if any. ii) Compute the corporate tax payable by Matilda Ltd. (4 marks) (10 marks)

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

Step: 3

blur-text-image

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

Health And Safety Environment And Quality Audits A Risk-based Approach

Authors: Stephen Asbury

2nd Edition

0415508118, 978-0415508117

More Books

Students also viewed these Accounting questions