Introduction to Business Taxation, Finance Act 2005 (CIMA Professional Handbook)

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The chairman of the board has written to you seek your opinion on the proposals before any of them can be adopted. Giving him a housing loan of Sh. Interest for the year will be computed on the loan balance due on 31 December each year.

Duncan would be required to occupy his own house from the date of receiving the loan from the company. He is currently housed by the company. Issuing him 1, redeemable preference shares of sh. The market price of these shares is currently estimated at sh. Providing him with a fully maintained company car of cc which was bought in the year for Sh.

Paying his medical bills and those of his family directly to the doctor instead of the current system where he has to pay the doctor and then claim a reimbursement from the company. He is also entitled to claim a maximum of Sh. His normal medical bills are approximately Sh. The company has a medical scheme for directors and executive staff.

Required: a Discuss the above proposals with regard to their income tax implications. Lewis Duncan stays motivated to work. Interest on capital: Omondi , Onyango , Kimani , Motor vehicle running expenses , Office expenses , Goodwill , Repairs and maintenance , Loss on investment 55, Postage and telephone , Water and electricity , Salaries and wages 1,, Donations to charitable institutions , Subscriptions to KNCCI Trade , Association , Bad debts expense , Rent, rates and licences , Professional fees , Depreciation 2,, Purchase of lorry Salary to partners Omondi , Onyango , Kimani 1,, Additional information: 1.

Office expenses included cost of office cabinet of Sh.

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The partnership received dividends amounting to Sh. This was excluded from the above computation. The partnership received Sh. This was omitted in arriving at the reported loss above. Motor vehicle running expenses included Sh. Provision for bad and doubtful debts account for the year was as follows: Sh.

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Bad debts written off , General brought , Specific carried , forward , forward , Specific brought , General carried 1,, forward 1,, forward Profit and loss account 6. Omondi had taken goods worth Sh. This was not recorded in the books of account. The partners had other incomes as follows: Omondi Onyango Kimani Sh. Capital allowances have been agreed with the Commissioner at Sh.

List down ten examples of records that must be kept for purposes of accounting for VAT. The cash price was Sh. This project, a charitable undertaking, was initiated to help victims of the bomb blast. The value of the services provided is estimated at Sh. This excluded cost of packaging and transportation charged by Colour Packaging Ltd.

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Somji Patel is a mechanical engineer by profession. He has provided you with the following details of his income for the year Practice fees 2,, Less expenditure: Salary to support staff , Salary to self 1,, Interest on bank loan , Repayment of bank loan , Stationery and postage 84, Rent , Traveling expenses 72, Subscription to the Engineers Institute 10, Single business permit 20, 2,, Practice loss , PAYED on salary to self of Sh.

Somji Patel previously worked for KK Engineers until 31 December when he proceeded on terminal leave for six months ending 30 June During the period of terminal leave, the company paid him a salary of sh. The house has a market rental value of Sh. KK Engineers provides a generous pension scheme and Mr. Patel retired on 30 June with a pension of Sh. PAYE of sh. The Company paid him a dividend of Sh. By the end of the year , he had paid mortgage interest amounting to Sh. Patel is a nurse at Tender Care hospital earning a salary o Sh.

Required: i Compute Mr. He undertook the following transactions for the month of March 1 March Purchased 10 cameras for a total of Sh.

Sold stop watches for a total of Sh. Lusweti Kamau clearly showing the VAT refundable. Sales 29,, Less: Cost of sales 20,, Gross profit 8,, Less expenses: Salaries and wages 4,, Shop expenses rent, rates, lighting and 1,, telephone 89, Printing and stationery , Motor vehicle expenses 96, Depreciation — motor vehicle 99, Legal expenses 46, Redundancy payments to retrenchment , staff 44, Sundry expenses all allowable 36, 7,, Bad and doubtful debts 1,, Loss on sale of motor van , 1,, Dividend received from XYZ Ltd.

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Net profit Additional information: 1. Capital allowances have been agreed with the Commissioner of Income Tax at Sh. The Ledger account for bad and doubtful debts for the year is as follows: Bad and doubtful debts Sh. Debts written off: Balances brought Customers 31, forward: 14, Staff 1, General provision 21, Balances carried Specific provision forward: 24, Bad debts recovered 4, General provision 84, previously allowed 44, Specific provision 84, Profit and loss 84, account 3. Legal expenses consist of: Sh. Advice on staff service contracts 23, Tax appeals 38, Debt collection 37, 99, Required: Compute the adjusted taxable profit or loss for Flora Limited for the year What are the consequences of this action?

They manufacture motor vehicle accessories for local and overseas markets. They have provided you with the following information in relation to their trading results for the year ended 31 December They reported a net profit of sh. Dividends were received from the following companies: Sh. BAT Ltd. Cost , , , , Net book value , 40, 75, , Sale proceeds , 96, , , The old factory building was constructed in and put into use with effect from 1 January Required: a Capital allowances due to Simope Enterprises for the year Explain these two circumstances.

Distribution and office expenses include the following: Sh.

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Insurance recovery is in connection with mobile phones stolen while on transit to a client. Bad debts provision represents a reduction in the general provision for bad debts. Legal fees include the following: Sh. Subscriptions are to the Mobile Phone Dealers Association. Licences and permits represents sh.

Repairs and maintenance include an extension to the warehouse at a cost of Sh. Travelling expenses include sh. Required: a Compute Mobile Options Ltd. A compensation of sh. His salary, as at the date of termination was sh. Required: i Compute the income assessable on Mr. Hassan ali and indicate the year s to which the income relates.

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Hassan Ali in i above. What would be the tax implications of a proposal to pay school fees for the children of junior staff who qualify for university admission? The company bought an industrial building from Mr. Kujenga at a cost of Sh. Kujenga had constructed the building in at a cost of Sh.

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The building however, had not been put into any use in In the same year, Bimak Ltd. Before commencing manufacturing on 1 July , Bimak Ltd. It was valued at Sh. Computers - Sh. These were brought into use with effect from 1 September A fire exit was also constructed at a cost of Sh. The management disposed of the following assets in the year Processing machinery Sh.

The trade-in-value was sh. The Mercedez Benz was disposed of at Sh. In the year , Bimak Ltd. This was brought into use with effect from 1 June Required: a Bimak Ltd. Other charges include a provision for transport to the company premises amounting to Sh. Required: Determine the amount of VAT payable. During the month of December , the firm provided accountancy, audit and tax consultancy services to XYZ Ltd.

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However, they bought stationery worth Sh. Support your answer with the four main theories which explain why it is difficult to exercise justice in taxation. He has provided the following income and expenses summary for the year ended 31 December Income: Sh.

Ndwiga received sh. Farm produce consumed by Mr.

Ndwiga received Sh. Salaries and wages include sh. Capital allowances for the year ended 31 December have been agreed with the Commissioner of Income Tax at Sh. Required: a Mr.