The management of Light Traders Ltd. has engaged you to ascertain the company's tax position as they have not been maintaining proper books of account....

      

The management of Light Traders Ltd. has engaged you to ascertain the company's tax position as they have not been maintaining proper books of account. The following information has been availed to you for the year ended 31 December 2012:
1. Stock balances as at 1 January 20i2 and 31 December 2012 were Sh. 250,000 and Sh. 400,000 respectively.
2. The balance sheet extract as at 1 January 2012 revealed the following balances:
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Required:
i) Adjusted taxable profit or loss for Light Traders Ltd. for the year ended 31 December 2012.
ii) Tax liability, if any.

  

Answers


Wilfred
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Wilfykil answered the question on February 13, 2019 at 09:55


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