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QUESTION FIVE Alavanyo Ltd. Produces milk in the United Kingdom. For purposes of obtaining regular supply of its raw materials, it purchased 52% of the shares of Nkonya Dairy Ltd., in the Northern Region of Ghana. During the year 2018 Nkonya supplied the British company some of the produces at a cost GHC25,000 per litre. Tax returns filed by the Tax Accountant of Nkonya for the 2018 year of assessment is produced below: Total Income '000 000 Local Sales 50,000 International Sales 108,000 Less Expenses: Salaries 19,340 Repairs and Maintenance 16,500 Transport 12,250 Advertisement 59,780 Tips to Policemen 3,148 Fines 7,323 Insurance and Licenses 1,870 Depreciation 14,350 134,561 Net Profit 23,439 However, a careful examination of the management account of Nkonya Ltd by the Commissioner General showed that it cost the company c38,000 to produce a litre of the product. The product could be obtained at the open market at a price of GHC45,000 per litre. A total consignment of 4,320 litres was shipped to Alavanyo Ltd. in 2018 Compiled by SAEED SALAHUDEEN (CA, MBA, BSC, LLB) Page 3 of 11 QUESTION FIVE Alavanyo Ltd. Produces milk in the United Kingdom. For purposes of obtaining regular supply of its raw materials, it purchased 52% of the shares of Nkonya Dairy Ltd., in the Northern Region of Ghana. During the year 2018 Nkonya supplied the British company some of the produces at a cost GHC25,000 per litre. Tax returns filed by the Tax Accountant of Nkonya for the 2018 year of assessment is produced below: Total Income '000 000 Local Sales 50,000 International Sales 108,000 Less Expenses: Salaries 19,340 Repairs and Maintenance 16,500 Transport 12,250 Advertisement 59,780 Tips to Policemen 3,148 Fines 7,323 Insurance and Licenses 1,870 Depreciation 14,350 134,561 Net Profit 23,439 However, a careful examination of the management account of Nkonya Ltd by the Commissioner General showed that it cost the company c38,000 to produce a litre of the product. The product could be obtained at the open market at a price of GHC45,000 per litre. A total consignment of 4,320 litres was shipped to Alavanyo Ltd. in 2018 Compiled by SAEED SALAHUDEEN (CA, MBA, BSC, LLB) Page 3 of 11