Umulimi runs a farming business in the Central Province of Zambia. He prepares accounts to 31 December each year. The profit and loss account for the year ended 31 December 2021 was as follows: K K Gross Profit 1,210,000 Less expenses: Drawings Note 1 15,000 Maintenance expenses Note 2 57,100 Motor vehicle running expenses Note 3 32,000 General expenses Note 4 45,600 Wages and salaries Note 5 157,700 Entertainment Note 6 12,600 Net profit (320,000) Notes to the profit and loss accounts are as follows: NOTE 1 - DRAWINGS Farm produce with a cost of 15,000 withdrawn from the business by Umulimi for personal use. He makes a mark-up of 20%. This transaction was recorded as sales at cost in his books. NOTE 2 Maintenance expenses Maintenance expenses includes the following: K Repainting storage facilities 5,600 Repair and maintenance to business assets 6,200 10,500 Stumping and clearing of fields in readiness for planting Construction of a wire fence around the farm 16,300 Expenditure on works for prevention of soil erosion 18,500 57,100 NOTE 3 - Motor vehicle running expenses consist of: K Servicing and fuel for farm tractor 22,500 Repairs and fuel for motor van 9,500 32,000 It has been agreed with the Commissioner General that Umulimi has private use of 25% of the motor van. NOTE 4 General expenses General expenses included: K 2,600 Increase in general provision for bad debts Staff insurance 4,200 Loss on disposal of farm implements 7,100 Depreciation of assets 14,400 Advertisement to increase business sales 17,300 45,600 NOTE 5 - Wages and salaries Wages and salaries is comprised of: K Employer's pension contributions 4,500 Salaries and wages for farm employees 31,000 Staff farming training courses 20,100 12,000 Loans to former farm employees written off Umulimi's salary 90,000 157,700 NOTE 6 - Entertainment This was expenditure incurred on entertaining members of staff. Other information Umulimi bought a motor van in March 2019 at a cost of K85,000. During the year, he purchased a tractor at a cost of K145,000 and sold some farm implements for K8,500. The farm implements had an income tax value of nil at 1 January 2021, whilst the original cost was K60,000. REQUIRED: (i) Calculate the capital allowances that are claimable by Umulimi in the tax year 2021. Calculate the taxable farming profit of Umulimi and the final amount of income tax payable by him for the tax year 2021. Umulimi runs a farming business in the Central Province of Zambia. He prepares accounts to 31 December each year. The profit and loss account for the year ended 31 December 2021 was as follows: K K Gross Profit 1,210,000 Less expenses: Drawings Note 1 15,000 Maintenance expenses Note 2 57,100 Motor vehicle running expenses Note 3 32,000 General expenses Note 4 45,600 Wages and salaries Note 5 157,700 Entertainment Note 6 12,600 Net profit (320,000) Notes to the profit and loss accounts are as follows: NOTE 1 - DRAWINGS Farm produce with a cost of 15,000 withdrawn from the business by Umulimi for personal use. He makes a mark-up of 20%. This transaction was recorded as sales at cost in his books. NOTE 2 Maintenance expenses Maintenance expenses includes the following: K Repainting storage facilities 5,600 Repair and maintenance to business assets 6,200 10,500 Stumping and clearing of fields in readiness for planting Construction of a wire fence around the farm 16,300 Expenditure on works for prevention of soil erosion 18,500 57,100 NOTE 3 - Motor vehicle running expenses consist of: K Servicing and fuel for farm tractor 22,500 Repairs and fuel for motor van 9,500 32,000 It has been agreed with the Commissioner General that Umulimi has private use of 25% of the motor van. NOTE 4 General expenses General expenses included: K 2,600 Increase in general provision for bad debts Staff insurance 4,200 Loss on disposal of farm implements 7,100 Depreciation of assets 14,400 Advertisement to increase business sales 17,300 45,600 NOTE 5 - Wages and salaries Wages and salaries is comprised of: K Employer's pension contributions 4,500 Salaries and wages for farm employees 31,000 Staff farming training courses 20,100 12,000 Loans to former farm employees written off Umulimi's salary 90,000 157,700 NOTE 6 - Entertainment This was expenditure incurred on entertaining members of staff. Other information Umulimi bought a motor van in March 2019 at a cost of K85,000. During the year, he purchased a tractor at a cost of K145,000 and sold some farm implements for K8,500. The farm implements had an income tax value of nil at 1 January 2021, whilst the original cost was K60,000. REQUIRED: (i) Calculate the capital allowances that are claimable by Umulimi in the tax year 2021. Calculate the taxable farming profit of Umulimi and the final amount of income tax payable by him for the tax year 2021